Wealth Tax

·           Section 3 – Charge of Wealth Tax

·           Section 45 – Wealth Tax Act not to apply in certain cases

·           Section 2(ea) – Definition of Assets

-                      Section 2(ea)(i) – Building or Land Appurtenant Thereto

-                      Section 2(ea)(ii) –Motor Cars

-                      Section 2(ea)(iii) – Jewellery

-                      Section 2(ea)(iv) – Yachts Boats & Aircrafts

-                      Section 2(ea)(v) –Urban Land

-                      Section 2(ea)(vi) – Cash in hand

·           Section 4 – Deemed Assets

-                      Section 4(1)(a)(i) – Assets transferred to spouse

-                      Section 4(1)(a)(ii) – Assets transferred to minor child

-                      Section 4(1)(a)(iii) – Assets transferred to any person or AOP for benefit of spouse

-                      Section 4(1)(a)(vi) –Assets transferred otherwise than irrevocable transfer

-                      Section 4(1)(a)(v) – Assets transferred to son’s wife

-                      Section 4(1)(a)(vi) – Assets transferred to any person or AOP for benefit of son’s wife

-                      Section 4(1)(b) –Interest of Partners of a Firm or members of AOP

-                      Section 4(1A) – Conversion by an individual of his self acquired property into joint family property

-                      Section 4(5) – Any assets transferred under an Irrevocable Transfer

-                      Section 4(5A) – Gifts by book entries

-                      Section 4(6) – Holder of Impartible Estate

-                      Section 4(7) – Member of Co-operative group housing society

-                      Section 4(8)(a) – Deemed Ownership on Possession

·           Section 5 – Exemption in respect of certain Assets

-                      Section 5(i) – Property held under Trust

-                      Section 5(ii) – Interest in the coparcenary property of any HUF

-                      Section 5(iii) – Building in occupation of ruler

-                      Section 5(iv) – Jewellery in the  possession of any Ruler

-                      Section 5(v) –Returning Indians

-                      Section 5(vi) –House or plot of land belonging to an Individual or HUF

·           Section 2(m) – Debts

·           Section 6 – Exclusion of assets and Debts outside India 

Assessment Procedure Under the Wealth Tax Act

·         Section 14(1) – Filing of Wealth Tax Return

• Section 14(2) – Return of net wealth below the maximum amount not chargeable to tax
• Section 15A – Signing of Return

Valuation Of Assets

·         Schedule III Read with Section 7 – Valuation Of Immovable Property

·         Section 7 – Value Of Assets How To Be Determined

• Rule 3 To 8 – Determination Of Value Of Immovable Property As Per Part B Of Schedule –III
• Valuation Of Immovable Property As Per Rules 3, 4 & 5 Of  Part B Of Schedule –III
• Rule 6 – Adjustment Of Unbuilt Area Of Plot Of Land
• Rule 7 – Adjustment For Unearned Increase In The Value Of Land
• Rule 14 – Valuation Of Assets Of Business
• Rule 15 & 16 – Valuation Of Interest In A Firm Or AOP
• Rule 17 – Valuation Of Life Interest

• Rule 18 & 19 – Valuation Of Jewellery

-                      Circular No. 646

• Rule 20 – Valuation Of Other Assets
• Rule 21 – Restrictive Covenant To Be Ignored In Determining The Market Value

Liability To Assessment In Special Cases

• Section 19 – Tax Of Deceased Person Payable By Legal Representative

-                      CWT Vs. H. S. Chauhan (Delhi High Court)

• Section 19A – Assessment In Case Of Executors
• Section 20 – Assessment After Partition Of A HUF
• Section 20A – Assessment After Partial Partition Of A HUF
• Section 21A – Assessment In Case Of Diversion Of Property, Or Of Income From Property, Geld Under Trust For Public Charitable Or Religious Purposes
• Section 22 –Assessment Of Persons Residing Outside India
• Section 33 –Liability Of Transferees Of Properties In Certain Cases