Tag: wealth tax

Assets as per the wealth tax act

Assets Assets for wealth tax purpose are defined in Section 2(ea) as follows. Guest house, residential house or commercial building – The following are treated as “assets” – (a) Any building or land appurtenant thereto whether used for commercial or residential purposes or for the purpose of guest house (b) A farm house situated within

Assets exempt from wealth tax

The following assets are exempt from wealth-tax, as per section 5. Property held under a trust – Any property held by an assessee under a trust or other legal obligation for any public purpose of charitable or religious nature in India is totally exempt from tax. [Section 5(i)]. Business assets held in trust, which are

Wealth Tax Act, 1957

Government of India framed the Wealth tax act in 1957 which was mandatory for every individual/HUF/company to disclose all the assets which they own in their name and are required to pay a tax of 1% of the amount by which their wealth exceeds ₹30 lakhs.  Due to involvement of complexities Wealth Tax Act 1957