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<h1>Wealth tax applies to individuals, HUFs, companies, and trusts; exemptions include section 25 companies and co-ops.</h1> Wealth tax is applicable to individuals, Hindu Undivided Families (HUFs), companies, and trusts treated as individuals. Entities exempt from wealth tax include companies registered under section 25 of the Companies Act 1956, co-operative societies, social clubs, political parties, mutual funds under section 10(23D), and partnership firms or associations of persons (AOPs). However, the share of an assessee in a partnership firm or AOP must be included in their net wealth.