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     Wealth Tax     Basic Exemption  

Wealth Tax is a tax on the net wealth of the assessee as computed on the corresponding valuation date (31st March).

  Following entities are covered
  • Individual
  • Hindu Undivided Family
  • Company
  Following entities are not covered
  • Social Club
  • Co-operative Society
  • Political Party
  • Specified Mutual Fund
  • Section 25 company
  Basic Exemption:

Wealth Tax is charged at the rate of 1% of the amount by which the net wealth exceeds Rs. 15 Lakhs.

Assets liable for Wealth Tax

  • Residential House (exceeding 1 self occupied house)
  • Motor Cars
  • Jewellery & Bullion
  • Yacht, Boats & Aircrafts
  • Urban Land
  • Cash in hand in excess of Rs. 50,000/-

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