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WEALTH TAX
WHAT CONSTITUTES WEALTH?
For wealth tax purposes, "wealth" means property , urban land, car, jewellery , yacht, boat, aircraft and cash in hand in excess of Rs 50,000.
CAUTION POINT | Do not think you will have an easy escape from wealth tax by transferring your `wealth' without consideration to your spouse or minor child.
Such assets will also be considered as your wealth.
HOW TO DETERMINE YOUR TAXABLE WEALTH Add the taxable value of the above assets (computed as per the detailed rules for valuation) owned by you as on March 31 (for FY 2014-15, it will be March 31, 2015). In case you sold your car during the year, it will not be taxable wealth. Deduct loans if any obtained by you to acquire any of the taxable assets from the value of gross tax out for at least 300 days in a yea able wealth. Wealth tax is payable @ 1% o the value of net wealth exceedin Rs 30 lakh.
HOT TIP | Wealth tax is not applicable o company provided car!
EXEMPTIONS AVAILABLE Any one house property is exemp from wealth tax. Some of the othe exemptions are property let out for a least 300 days, commercial propert or property used for business purpose bank balance, financial assets such a shares and mutual funds and any asse held as stock-in-trade or used fo business purposes.
NO LONG-TERM CAPITAL GAINS
Long-term capital gains on lis shares and equity-oriented mut funds are also exempt, as onl minimal securities transaction (from 0.001% to 0.1% of sale pr is payable by the seller (this tax is payable both by buyer and se in case of a share deal on a st exchange). In some cases, you e get a tax benefit at the time of m ing the investment.
Reinvest Sale Money To Get Breaks | In case you invest the c tal gains in one residential ho property in India (either one y tives is non-taxable up tial property in India (within t he years of the date of transfer), m LTCG will be exempt. Also, you is put the sale proceeds in a ca gains account scheme with a where investment in one reside property in India is not made b filing of I-T return to claim th emption. Investment up to Rs 50 ted in certain bonds within six mo ual of sale, such as of Rural Electr
SET OFF PROVISIONS FOR CAPITAL LOSSES
she earns interest on it, this inte to a would be clubbed with your inco hree held for less than 12 months) ca your set off against gain from transfe may any other capital asset in the s pital year. Loss from transfer of a l bank term capital asset can be set ntial against gain from transfer of efore other long term capital asset in e ex same year. Thus, long-term cap lakh loss cannot be set off against sh nths term capital gains. Any unutil ifica capital loss after absorption in also same year can be further carried ward to next eight years and be lized under the same condition above.
CAUTION POINT | You should rm your I-T return before July 31 to ry forward any losses.
Disclaimer: This is a broad over of the tax provisions contained in Finance Bill, 2014 as applicabl salaried employees. At times, t stric provisions undergo amendment
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