At the Outset, Wishing all a happy, prosperous and peaceful New Year...........
My query is whether furniture made of wood or any other material, other than precious metal, liable to Wealth Tax?
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Wealth tax
Replies (1)
No its not liable to wealth tax. Furniture falls under the definition of 'asset' in wealth tax only if it contains or is made of precious metals, etc. Furniture made of wood is not an asset and so not liable under wealth tax act. Happy new year to you too:)
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