Sumit is an Indian and resident and ordinary resident in India. The value of his assets and liabilities as per Schedule III of the Wealth-tax Act, 1957 as on 31st March, 2013 are as follows: Guest house in Hong Kong ₹10,
CS Executive · Tax Laws and Practice · PYQS · December 2013
Sumit is an Indian and resident and ordinary resident in India. The value of his assets and liabilities as per Schedule III of the Wealth-tax Act, 1957 as on 31st March, 2013 are as follows: Guest house in Hong Kong ₹10,00,000 Jewellery gifted to his wife ₹15,00,000 His value of interest in the assets of a firm as a partner ₹8,00,000 Cash in hand ₹3,00,000 He took a life insurance policy for ₹5,00,000 which has surrender value as on 31st March, 2013 ₹75,000 He has a commercial complex at Delhi having 20 offices which were let-out ₹30,00,000 He owns a residential house in Mumbai, which is let-out for 320 days in the previous year ₹10,00,000 Compute the net wealth and wealth-tax liability of Sumit.
Topics: Wealth Tax Act, 1957
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