Question

Karan is an Indian citizen and resident in India. His assets and liabilities as on
31st March, 2014 are as follows :
(i) Self-occupied residential house in foreign country 90,00,000. For its construction,
he borrowed 20,00,000 in the foreign country which is due on 31st March, 2014.
(ii) He has national savings certificates VIII issue 1,00,000.
(iii) Another self-occupied house (residential) in Chennai (India) 60,00,000.
(iv) He has jewellery worth 60,00,000 out of which ornaments worth 18,00,000
are meant for daily use by his wife.
(v) He has motor car for his personal use valued 5,30,000.
(vi) In February, 2013 he has transferred his house to his married daughter without
consideration. The value of the house as on 31st March, 2014 is 38,00,000.
(vii) The house given to daughter was purchased in 2010 for which a loan of
12,00,000 was taken. Out of this loan 7,00,000 is outstanding.
Compute the net wealth and wealth-tax payable.

Answer 1

10000000000tax he pay to comput the net wealth abd weatl