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What is th wealth tax limit

nitin bagadia (employee) (36 Points)

09 September 2012

what is the wealth tax limit for a pvt ltd co... and the rate.... and if one has bought gold for trading... is it liable for wealth tax

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(Guest)

above 30lacs 1%

if for trading gold is not included

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CA Ashish Pathak (Employed at Cipla Ltd.) (2779 Points)
Replied 09 September 2012

Hey Nitin, be more precise what you mean by "bought gold for trading"? If you have bought it for sale to customers i.e if you have jewellary business and you have bought this gold as a stock for your business then this gold will not be liable to wealth tax. And if you bought this gold for investment purpose to sell at any time in future then this Gold will be included in your Net wealth and will be liable to wealth tax @ 1% of the amount by which net wealth exceeds Rs.30L.

nitin bagadia (employee) (36 Points)
Replied 09 September 2012

no ashish.... i am not a jeweller ... but i am a trader in the commodity and equity market ... and keep trading in the markets .... and had bought gold in hard form .. and keep hedging in futures from time to time... pls advice