Assets covered under wealth tax

Assets Liable to Wealth Tax

 Wealth tax is not levied on all the assests owned by a person but is levied on the following assests:

Movable Property

1.       Motor cars(othe than those used by the assessee in bussiness for running them on hire or used by the assessee  as stock in trade )

2.       Yachts,boats and aircraft( other than those used by assessee for commercial purpose).

3.       Jewellary, bullion, furniture, utensils or any other articles made wholly or party of gold,silver,platinum or any other precious mental or any alloy containing one or more precious mentals(other than  used by assessee as stock in trade)

Immovable Property
1.  Any building or land appurtenant thereto (hereinafter referred to as "house"), whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include—

·         any residentail property which has been letout for minimum period of 300 days in previous year.

·         any house occupied by the assessee for the purpose of any bussiness or profeession carried on by him.

·         commercial establishments or complexes.

·         a house meant exclusively for residental purposes which is alloted by a company to an employee or an
      officier or a director who is whole time employment,having a gross annual salary oe less than 1000000.

·         any house for residental and commercial purposes which forms part of stock in trade.

2. urban land other than the following

·         land on which contruction is not permissible underany law for the time being in force ; or

Cash in hand
1. Cash in exess of 50000 in case of an individual or huf

2.  In csae of company any amount not recorded in the books of account.