Assets Included in Wealth tax
The assets that are included in the calculation for wealth tax :-
Assets means:-
1. Any building or house whether used for commercial or residential purposes or a guest houses or otherwise including a farm house situated within 25 kilometers from local limits of municipality.
Houses shall not constitute an asset :-
(a) A house meant exclusively for residential purposes and which is allotted by a company to an employee or officer or director who is in whole time employment, having a gross annual salary of less than 5 lakhs rupees.
(b) Any house for residential or commercial purposes which forms part of stock in trade
(c) Any house which the assess may occupy for the purpose of any business or profession carried on by him
(d) Residential property which is let out for a minimum period of 300 days during the previous year
(e) Any property in the nature of commercial establishment or complexes.
2. Motor cars other than those used by assesses in the business of running them on hire or as stock in trade
3. Jewellery or any other article made wholly or partly of gold, silver, platinum or any other metal or any alloy containing one or more of such precious metals. Jewellery used as stock in trade shall be excluded.
4. Yachts, boats and aircrafts other than those used by the assessee for commercial purposes
5. Cash in hand, in excess of fifty thousand rupees for Individuals and HUFs and in the case of other Company any amount not recorded in the books of accounts
6. Urban land situated within the juridiction of a local authority and not including land on which construction of building is not permissible or unused land held bye the assessee for industrial purposes for a period of 2 years from the date of its acquisition by him or any land held by the assessee as stock in trade for a period of 10 years.
