What is Wealth Tax?
Wealth tax is a relatively lesser known direct tax which is levied if the total value of “unproductive assets” of an individual exceeds Rs 30 Lakhs in a financial year. The percentage of tax is 1 % of the value of the assets exceeding Rs 30 Lakhs. For eg. – If the assets covered under this tax are worth Rs 50 Lakhs, wealth tax payable is Rs. 20,000 – 1 % of ( 50 Lakhs-30 Lakhs).