Clarification about wealth tax

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Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2014 What is wealth tax....
IF the market value of the asset decreases as compared to the last year .. then weather wealth tax paid or not .

and for final preparation of IDT which book is suggestible

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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10 December 2014 1. Wealth tax is a tax levied on assets held by an assessee.

2. For computing wealth tax the value of the assets have to be computed on 31st March of every year.

3. Wealth tax is levied on the value of the asset as on 31st March of the respective year.

4. The fact that the value of an asset has decreased in comparison to the previous year does not mean that wealth tax is not to be levied.
Wealth tax will be calculated on the decreased value.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2014 Thank you sir .. Please explain Sale and lease back as per AS 19 leases and why this method done

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