Wealth tax

This query is : Resolved

Deepak (Querist)
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28 November 2011 What is wealth tax? when an individual liable to pay wealth tax.if yes then any wealth tax number is required to pay wealth tax.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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28 November 2011 1.wealth is a direct tax which is calculted on the value of asset as on last date of financial year at the rate of 1%

2. individual is liable to wealth tax when his wealth is more than 30 lac.

3. no wealth tax number required

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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28 November 2011 It is a direct tax it is payable on wealth of the individual. Every individual whose net wealth exceeds Rs.30 lacks as on date of the valuation is liable to pay wealth tax @1% on net wealth. Please refer the wealth tax act for how to compute value of the wealth and which are liable for wealth tax etc... because there is different types of views and exemptions as well as deductions available for wealth tax purpose. Write your doubts to getting clarification from the experts araises at the time of studying the act.
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