Wealth Tax

Wealth Tax

If any person owner of any assets then wealth tax is chargeable to that person following are the conditions:These must be a person of which means individual Hindu Undivided Family (H.U.F.). Company wealth tax is chargeable any these three person. It is not chargeable to partnership firm. Co-operative society, AOP (Association of person), Body of an individual, Temple, Sanstha, Trust etc. If total aggregate wealth is more than Rs. 30, 00,000/- then wealth tax is chargeable at the rate 1% per annum.

Valuation Date:Valuation date means 31st march of assessee year of person owns assets of 31st march then wealth tax is chargeable. It is also required to find out value on valuation date on such market value of assets wealth tax is chargeable. Valuation date means the last moment of that date if any person owner of the asset up to last moment of that date then wealth tax is chargeable on than wealth.

“Assessment year” (Value date of assessment year):“Assessment year means a continuous period of 12 months starting from 1St April after valuation date under assessment year assessee required to file return and pay tax”

Assets U/s 2 {ea} (i) :1] Building U/s 2 {ea} (i) :“If any person own of any building then it is required to pay wealth tax on the value of such building.” “Building means a structure of walls & roof where as it is also include a value of land appritentant there too”

Following are the rules for changing wealth tax on building:1} If any person owner of farm house & such farm house building situated within 25km from municipal limit then such building is taxable.

2} any guest house situated any where is taxable & which guest house is not exempted its taxable under wealth tax. 3} Self occupied property owned by individual or HUF then one self occupied property id exempt & other is taxable. 4} Building held stock in trade: - If any person held building as stock in trade then exempt. 5} Building used for business purpose: - All such types...