News:- Find out if you have to pay wealth tax Very few taxpayers have heard of it and fewer pay it. However, this is no reason for you to ignore wealth tax. This tax is payable if the market value of certain assets exceeds Rs 30 lakh. The tax is 1% of the combined value of such assets. Wealth tax targets unproductive, non-essential and idle assets. In the crosshairs are two of the biggest obsessions of Indian investors: property and gold. If you have bought a second house and not given it on rent, the value of the property will be included while computing your wealth tax liability. Of course, the outstanding loan taken to buy the property will be deducted from this. Gold and silver, whether bought, gifted or inherited, will also be included in the calculation. Even the cash you keep in your locker at home is liable to wealth tax. However, productive and financial assets, such as commercial property, bonds, fixed deposits, stocks, Ulips, gold funds, mutual funds, your savings account bank balance and gold exchange traded funds (ETFs) are exempt from wealth tax. Read more at: economictimes.indiatimes/personal-finance/tax-savers/tax-news/find-out-if-you-have-to-pay-wealth-tax/articleshow/21053315.cms
Posted on: Mon, 15 Jul 2013 09:43:19 +0000
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