Wealth Tax

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  • Tax Planning
  • Wealth Tax Returns Filing
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  • Allied Services
Wealth tax is a direct tax levied on the ownership of certain assets by individuals and Hindu Undivided Families (HUFs) even though these assets may not generate any income. It is an annual tax and is imposed with reference to the previous financial year or the present assessment year. It is governed by the Wealth Tax Act, 1957. The assets which are taxable under the Wealth Tax Act are residential property other than one house, guesthouse, farmhouse; motor cars; precious metals including those in the form of jewellery, gold, furniture, utensils or other articles; aircrafts, yachts, boats; urban land and cash in hand in excess of Rs. 50,000. In addition to these, all assets transferred by individuals to their minor children and to a spouse for inadequate consideration also attract wealth tax.

What is wealth tax in India?

Wealth Tax Act, 1957

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