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TAXABLE WEALTH

Posted @ July 23, 2013, 1:34 am under (Wealth Tax)

 
 If there is a second house which is not being used for business, or held as stock-in-trade or rented for 300 days a year
 
 If the price of the car/s exceeds Rs 30 lakh for one individual
 
 If one owns ornaments of gold, silver and other precious metals, even if the sown into clothes or used as setting in furniture
 
 Cash balance in excess of Rs 50,000
 
House property
 
One house is exempt from wealth tax. Ownership of more than one house will attract wealth tax liability on the second house onwards. There are three exceptions. If a property is used for conduct of business or a profession or if it forms a part of stock-in-trade or has been rented out for at least 300 days in the year, wealth tax is not applicable on such property.
 

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