in wealth tax some case exempted wealth tax liability is taken 30lks and in some 15lks why in what case it happnes pls expalin
neha bajpai (renewal incharge) (90 Points)
21 December 2013in wealth tax some case exempted wealth tax liability is taken 30lks and in some 15lks why in what case it happnes pls expalin
Amrin
(Chartered Accountant)
(215 Points)
Replied 21 December 2013
Currently the Wealth Tax exemption limit is Rs.30 Lakhs only.
15 Lakh was till the year 2008-2009 and after that the basic exemption limit has been increased to Rs.30 Lakhs.
Though i have found out a very interesting topic which states that :
In a way, all the figures of basic exemption of Rs 15 lakh, Rs 30 lakh and Rs 50 crore are correct. However, you need to know the exact legal position. For your valuation date 31st March, 2009, i.e., wealth tax assessment year 2009-10, the basic exemption is Rs 15 lakh. For your valuation date 31st March, 2010, the basic exemption has been raised to Rs 30 lakh. Under the proposed Direct Tax Code 2009, it is proposed that the basic exemption be raised to Rs 50 crore.
It is a 2009 report.. just sharing it below.
https://www.indianexpress.com/news/what-is-your-wealth-tax-liability-/550652/1
Experts can correct me if i am wrong.. 
CA Sanket Gujar
(Professional)
(74 Points)
Replied 21 December 2013
There are no cases of 15 lakh limit.
If you have seen specify.
CAclubindia
