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meaning of wealth

nimesh khandelwal

Dear Sir

As per Wealth TAx act what is the meaning of wealth (including/ excluding in wealth) . Please describe me.

Taxable wealth: net value of specified assets after deducting liabilities, determining wealth tax liability. Taxable Wealth is the net value of specified assets liable to wealth tax after deducting loans and other liabilities secured against them; asset categories include buildings, motor cars, jewellery, yachts/boats/aircraft, urban land and cash in hand. (AI Summary)
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malhar shenoy on Sep 12, 2011

Taxable Wealth means value of assets  less Liablities / Loan against these wealth.I.e Net Wealth as defined in Section 2(m).

Assests liable for wealth tax are given  in section 2(ea) of the Wealth Tax Act.namely,

1.Building    2. Motor Car    3.Jewellery    4.Yatch, Boat and Aircraft    5 .urban Land   6.Cash in Hand.

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