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Wealth Tax

A wealth tax is a tax on the accumulated stock of purchasing power, in contrast to income tax, which is a tax on the flow of assets (a change in stock). Wealth tax is a direct tax levied on the ownership of certain assets by individuals and Hindu Undivided Families (HUFs) even though these assets may not generate any income. It is governed by the Wealth Tax Act, 1957.

As per the wealth tax act, wealth tax is applicable to the following:

  • An individual person
  • A group of people who own a property
  • A company or organization
  • A Hindu undivided family (HUF)
  • Person belongs to 1-by -6 categories
  • A representative or heir of a dead person
  • Non corporative tax payer

We advise on:

  • Applicability
  • Return filing
  • Tax Computation
  • Tax objections & appeal before tax authorities