meaning of wealth, Other Topics

[nimesh khandelwal]

Dear Sir

As per Wealth TAx act what is the meaning of wealth (including/ excluding in wealth) . Please describe me.

Posts / Replies

[malhar shenoy]

Taxable Wealth means value of assets  less Liablities / Loan against these wealth.I.e Net Wealth as defined in Section 2(m).

Assests liable for wealth tax are given  in section 2(ea) of the Wealth Tax Act.namely,

1.Building    2. Motor Car    3.Jewellery    4.Yatch, Boat and Aircraft    5 .urban Land   6.Cash in Hand.