How to pay for the wealth tax in India
The person who pays for the wealth tax is called an assessee and he may belong to the categories mentioned below:
- A Hindu undivided family
- Non corporate taxpayers
- A representative of dead individual, or administrator and the executor
- A Company
- An agent of Non-resident
- A Company
- A body of individuals or as association of persons
- It should be noted that the tax will be considers on the total income earned from the collections of Joint family in case of a Hindu Undivided Family. However, in case of non-corporate payers, they are supposed to pay the tax as per the existing tax rate as their accounts are being audited.
Wealth Tax chargeable assets
Below mentioned are the assets on which the wealth tax has to be paid by the assessee:
- Guesthouses, urban farmhouse, residential house and commercial property
- Automobiles for person purposes
- Precious items such as utensils, bullions, jewelry and furniture
- Aircrafts, Yachts and boats which are used for non-commercial purposes
- For the cash in hand which exceeds 50,000 for Hindu undivided families and individuals
- Urban land which is under the authority of cantonment board or municipality and having a population over 10,000.
- For filing for the wealth tax, the procedure is same as that of procedure for filing the income tax.