Wealth Tax Rates In India

For Indiviuals And Non-Specified HUF's

Net Wealth	Rate (in per cent)
On the first Rs. 2,50,000 of net wealth	NIL
On the next Rs. 7,50,000 of net wealth	1/2
On the next Rs. 10,00,000 of net wealth	1
Balance exceeding Rs. 20,00,000 of net wealth	2

For Specified Hindu Undivided Family

Net Wealth	Rate (in per cent)
On the first Rs. 1,50,000 of net wealth	NIL
On the next Rs. 3,50,000 of net wealth	1
On the next Rs. 5,00,000 of net wealth	2
Balance exceeding Rs. 10,00,000 of net wealth	3

For Individuals, HUF's and Companies


Weath tax will be charged in respect of the net wealth on the corresponding valuaton dat, of every inividuals, HUF and company @1% of the amount by which the net wealth exceeds Rs. 15 lakhs.
In the case of partnership firms, AOPs and BOIs the wealth of the firm is allocated to individual partners or members equitably.

Enhancement of the limit for payment of wealth tax, Limit of wealth tax increased

Enhancement of the limit for payment of wealth tax, Limit of wealth tax increased.

Under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth on the valuation date, of every individual, Hindu undivided family and company at the rate of 1% of the amount by which the net wealthexceeds Rs. 15.00 lakhs.

It is tendered to increase the threshold limit for payment of wealth tax from Rs. 15.00. lakhs toRs. 30.00 lakhs because of inflation-adjustment,

The recommended amendment will apply for the value of net wealth as on 31st March, 2010 and will apply in relation to assessment year 2010-11.

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