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WEALTH TAX ON PARTNERSHIP FIRMS

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 February 2011 A PARTNERSHIP FIRM HAVING FOUR PARTNERS WITH EQUAL PROFIT SHARING RATIO, HAS ASSETS WHICH ARE UNDER SCOPE OF WEALTH TAX. I WANT TO KNOW THE PROCEDURE OF LEVYING WEALTH TAX ON THE ASSETS OF THE PARTNERSHIP FIRM AND ON WHAT BASIS THE ASSETS OF THE FIRM WILL BE ALLOCATED TO THE PARTNERS.
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07 February 2011 Wealthtax is not leviable on partnership firm.

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