Wealth Tax

wen ur assets lik farm house,motor cars,blddg,property,jewellery,etc n cash over Rs.50000.. less d debts owed are of value more dan 15 lakhs..as on d last day of F.Y i.e on 31st march,wealth tax is applicable  @ 1% over n above 15 lakhs...bt 1 house is exempt frm tax..

n nw d new limit for wealth tax as per dis Budget is 30 lakhs..

 what is the value to be taken? market value/purchase value

it is applicable to individual and company and rest regarding the conditions i agree with bhumika

there are some instances when AOP r also required to assessed to WT like when PSR is not known