https://www.taxtmi.com/article/detailed?id=635 The Direct Tax Code Bill, 2009 sets a high wealth tax threshold applicable to individuals and HUFs but excludes private discretionary trusts, which remain fully taxable. Taxable persons include individuals, HUFs and private discretionary trusts and interests in unincorporated bodies are included in net wealth. Exemptions are narrowed - notably a single property exemption limited by a historical cut off - while some traditional exclusions and a cash in hand allowance are omitted. Valuation follows prescribed methods, financial assets use cost or market whichever is lower, deeming rules broaden inclusion for transfers to family members, and the statutory tax rate on net wealth is substantially reduced, likely contracting the tax base and revenues. en-us Sat, 09 Jan 2010 02:04:09 +0530 Sat, 09 Jan 2010 17:32:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=635 The Direct Tax Code Bill, 2009 sets a high wealth tax threshold applicable to individuals and HUFs but excludes private discretionary trusts, which remain fully taxable. Taxable persons include individuals, HUFs and private discretionary trusts and interests in unincorporated bodies are included in net wealth. Exemptions are narrowed - notably a single property exemption limited by a historical cut off - while some traditional exclusions and a cash in hand allowance are omitted. Valuation follows prescribed methods, financial assets use cost or market whichever is lower, deeming rules broaden inclusion for transfers to family members, and the statutory tax rate on net wealth is substantially reduced, likely contracting the tax base and revenues. Articles Income Tax Sat, 09 Jan 2010 02:04:09 +0530 https://www.taxtmi.com/article/detailed?id=635