Question

Define wealth tax and explain deductions under wealth tax act

Answer 1

A wealth tax (also called a capital tax or equity tax) is a levy on the total value of personal assets, including: bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts.

Answer 2

Wealth tax :- A tax levied on

personal capital .

Wealth tax Act ..... It's a form of Direct Tax and is levied under the provisions of the Wealth Tax Act, 1957. Wealth Tax is calculated on the market value of the assets owned and every individual whose net wealth is greater than Rs 30 lakh is liable to pay wealth tax.