Wealth Tax

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Akash (Querist)
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21 February 2011 Hello, can you please tell me what is the limit for charge of wealth tax for A.Y. 2010-11? And what assets are included in the valuation of wealth?

Is one residential house property always exempt for the computation of net wealth?

Thank You,

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 February 2011 Wealth tax is payable on net wealth on ‘valuation date’. As per Section 2(q), valuation date is 31st March every year. It is payable by every individual, HUF and company. Tax rate is 1% on amount by which ‘net wealth’ exceeds Rs 30 lakhs from AY 2010-11. (Till 31-3-2009, the limit was Rs 15 lakhs). No surcharge or education cess is payable.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 February 2011 For Details see below link---

http://www.dateyvs.com/wealth_tax.htm

http://indianblogger.com/wealth-tax-basics/

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Akash

Akash (Querist)
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21 February 2011 Thank You Sir.