wealth tax

what is wealth tax? when it is applicable? what is the last date to file wealth tax return?

asked Jul 17 '11 at 11:13 by ritesh071 1378

Wealth tax is applicable only on property ownership. It varies from city to city. It may be decided based on property valuations.

1% tax is payable on the amount by which net wealth exceeds Rs. 30 lakhs (from 1st April, 2012 this limit will be increased to 1 crore under Direct tax code)

answered Jul 18 '11 at 19:35 by Pankaj Batra 5.2k320

We stay in Delhi in a flat owned by my father,mother,wife and myself 25% share each. Me and my wife have bought another residential property in this financial year 2011-12 in Gurgaon. Also my wife bought a residential plot in Gurgaon in this fin year 2011-2012. My father also owns a shop in another city in Kundli Haryana. I want to know that do we need to file wealth tax return and how? Please advise.
(Feb 12 '12 at 11:16) ritesh071
If value of your assets are aggregating more than Rs 30 lakh in a financial year, then you will be taxed at 1% on the amount that exceeds Rs.30 Lakh. Assets include non-agricultural land, Residential/commercial property, jewellery, cars, cash in hand(more than 50,000) etc. If you have an outstanding loans and liabilities, then you can deduct the value of those loans from the total wealth. A house held for residential, business or profession purpose won't be added to this. House given on rent also won't be included in this.
(Feb 16 '12 at 14:49) Pankaj Batra

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Asked: Jul 17 '11 at 11:13

Seen: 1,941 times

Last updated: Feb 16 '12 at 14:50