I had 8 lakh rupees in cash for around 7-8 months. Am I supposed to pay wealth tax. No other property I had.
abhishek sharma (se) (128 Points)
08 June 2014I had 8 lakh rupees in cash for around 7-8 months. Am I supposed to pay wealth tax. No other property I had.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 09 June 2014
On 31st Mar (i.e. valuation date), if you (individual/HUF) have cash in hand in excess of INR 50000, such excess is liable for wealth tax, provided the value of other assets u/s 2(ea) exceeds the exemption limit of INR 30 lacs.
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