Wealth tax exemption limit raised

• Thursday, July 9, 2009, 2:24
• Income Tax

Enhancement of the limit for payment of wealth tax under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, on the valuation date, of every individual, Hindu undivided family and company at the rate of one per cent. of the amount by which the net wealth exceeds Rs.15.00 lakhs. This limit was fixed in 1992.

With a view to providing for inflation-adjustment, it is proposed to raise the threshold limit for payment of wealth tax from Rs.15.00 lakhs to Rs. 30.00 lakhs.

The proposed amendment will apply for the valuation of net wealth as on 31st March, 2010 and will, accordingly, apply in relation to assessment year 2010-11 and subsequent years.

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Tags: hindu undivided family, Tax Exemption, Wealth Tax

9 Comments on “Wealth tax exemption limit raised”

• premnath divakaran wrote on 29 April, 2010, 9:03

  Please advise the wealth tax limit proposed in the budget for 2010-2011 presented in february 2010.

  The earlier upper limit is known to be Rs.30 lakhs.

  Please clarify by e mail

  prem nath divakaran
  indian overseas bank
  trivandrum
• CA Sandeep Kanoi wrote on 29 April, 2010, 9:21

  Limit is same for Financial year 2009-10 and 2010-11.
• SHAILENDRA WAGADRE wrote on 27 June, 2010, 15:57

  T IS A GOOD MOVE TO INCREASE THE WEALTH TAX EXEMPTION LIMIT TO 30 LAKHS.
• utsav jain wrote on 13 July, 2010, 21:31

  the limit of 30 lakhs on wealth tax is on individual or family. if on family then what should be the limit for exemption
• utsav jain wrote on 13 July, 2010, 21:52

  when a wealth is created on loan basis whether the wealth tax is countable from the date of sell deed
  agreement or on the completion of loan?
• administrator wrote on 14 July, 2010, 6:40

  Date of Purchase but loan amount can be reduced from the taxable value of wealth created
• administrator wrote on 14 July, 2010, 6:40

  Its per Assessee/Individual
• mukherjee wrote on 3 August, 2011, 10:46

  If a person inherits a property , and also lives in it ( not putting it on rent any part of the property)will wealth Tax be applicable.

  Also if he owns a Car in his name & not in company/ organisatio’s name, will wealth tax be applicable
• alok wrote on 18 March, 2012, 10:48

  sir, please tell me about wealth tax , wealth tax exemption limit changed or not

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