India:
Budget 2012: Highlights - Wealth Tax
04 January 2013
by
D.M. Harish & Co.
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Sec. 2 of Wealth Tax Act, 1957: The amended
reassessment proceedings of Income-tax shall be applicable for
assessment of Wealth Tax as well.
An amendment has been proposed to be made to Sec.2 of the
Wealth-tax Act, whereby exemption has been provided for residential
house allotted by a company to an employee/officer/ whole time
director of the Company, if the gross annual salary of such
individual is less than Rs. 10,00,000 per annum as opposed to the
current limit Rs. 5,00,000 per annum.
Wealth tax rate continues to be imposed @ 1 percent on the value
of specified assets held by the taxpayer on the valuation date
being 31st March every year over the basic exemption of
Rs.30,00,000/- per year.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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