Question

which type of tax is not applicable on residential building​

Answer 1

The Wealth Tax type of tax is not applicable to residential buildings.

What is wealth tax:

• The entire or market worth of personal assets was subject to a wealth tax. Wealth tax, also known as capital tax or equity tax, was imposed on the wealthy.

• Buildings or land (with certain exclusions), vehicles, jewellery, bullion, yachts, boats, and airplanes (except those used for commercial purposes), urban land, and cash in hand over a specific amount were all subject to the wealth tax.

• A net wealth tax deducted liabilities, such as mortgages and other loans, from an individual's wealth.