INTERVIEW QUESTIONS TAX WEALTH TAX DETAILS

Question: What is Wealth Tax?

Answer: The tax levied by the government on a person’s personal net wealth or capital is called wealth tax. Net wealth is the net value of a person’s assets. The Wealth Tax Act 1957 lays down the rules governing wealth tax in India. It applies to three kinds of assessees viz. Individuals, HUFs and companies. Personal assets refer to an assessee’s land (urban), house, car, boats and yachts, aircraft, precious metals in various forms like jewellery, furniture etc. and cash (hand).

The tax levied by the government on a person’s personal net wealth or capital is called wealth tax. Net wealth is the net value of a person’s assets. The Wealth Tax Act 1957 lays down the rules governing wealth tax in India. It applies to three kinds of assessees viz. Individuals, HUFs and companies. Personal assets refer to an assessee’s land (urban), house, car, boats and yachts, aircraft, precious metals in various forms like jewellery, furniture etc. and cash (hand). Source: CoolInterview.com

If you have the better answer, then send it to us. We will display your answer after the approval.

Rules to Post Answers in CoolInterview.com:-

• There should not be any Spelling Mistakes.
• There should not be any Gramatical Errors.
• Answers must not contain any bad words.
• Answers should not be the repeat of same answer, already approved.
• Answer should be complete in itself.

Name :*
Email Id :*
Answer :*
Verification Code	Not readable? Load New Code
Enter the above shown code: *
	Inform me about updated answers to this question