Wealth tax

[KAMAL PODDAR]

I have a capital of 31 lacs. I have given 25 lacs on loans. Five lacs investments balance in banks and cash in hand. Do i have to file wealth tax Return and am i liable to wealth tax and if so how much.

[CAGOPALJI AGRAWAL]

You are not liable to pay wealth tax as only specified assets (not accruing income) are treated as assets under wealth tax act.

AI Summary

Individual Not Liable for Wealth Tax Due to Asset Types Under Wealth Tax Act An individual inquired about their obligation to file a wealth tax return, given their capital distribution: 25 lacs in loans, 5 lacs in investments, and remaining funds in banks and cash. The response clarified that they are not liable for wealth tax, as only specific non-income-generating assets are considered under the Wealth Tax Act.