wealth hindi set 100 double

7/28/2019 Wealth Hindi Set 100 Double

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Wealth Tax www.cshindinotes.com CS EXECUTIVE

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Wealth Tax

Wealth tax: – ;fn fdlh djnkrk dk Net Wealth 30 lakh Rs. ls vf/kd gks rks og excess

amount ij 1% Wealth Tax pqdk,xkA Wealth Tax Act, 1 April 1957 ls ykxq gqvkA

Sec. 2 (ea):- Assets:-

[1.] Building:– djnkrk dh lHkh rjg dh Building-commercial, Farm House, Guest

House, Residential house vkfn Assets es a “kkfey dh tkrh gSA ijUrq fuEu dks “kkfey ugh fd;k tkrk gSA

1. ;fn Residential Building Stock in Trade es a gksA2. ;fn fdlh Residential Building dks 300 fnu ;k mlls vf/kd Rent ij fn;k tk,A 3. ;fn building assessee ds business ( godown, office) es use vk, rks Assets es

“kkfey ugha dh tk,xhA 4. ;fn dksbZ farm House ,urban area ls 25 k.m. ls nq j gks rks Assets es ugh vk,xkA

5. Commercial complex Assets es “kkfey ugh fd;k tkrk gSaA 6. ;fn dEiuh viuh Building full time employee or directors dks jgus ds fy, ns

(ftldh Gross Salary 5,00,000 :- ls de gks) rks building Assets es “kkfey ugha gksxhA

Note:- god own vkS j factory building fdjk;s ij nh tk,xh rks Assets es “kkfey gksxhA ijUrqoffice building Assets es a “kkfey ugha djsxsaASchool ;k club dh Building rent ij nh tk, rks Assets ekuh tk,xhA

[2.] Car:- ;fn Car stock-in-trade es a gS rks Assets es “kkfey ugha gksxh vFkok taxi ds :Ik es mi;ksx vk jgh gS rks Assets es “kkfey ugha gksxhA personal use dh car Assets ekuh tkrh gS aA

Note: - Bus, Truck or Tractor Assets ugh ekus tkrs gSA ijUrq Jeep Assets ekuh tk,xhA

[3.] Jewellary:- ;fn Jewellary stock-in-trade es a gS rks Assets ugh ekuh tk,xhA personal

use dh gks rks Assets es “kkfey gksxhA

Note:- lksus] paknh] ghjs, LVksu vkfn Assets es “kkfey gksxs a

[4.] Ship, Boat, Aircraft:- Ship, Boat, Aircraft ;fn personal use fd;s tk,sxs a rks Assets es “kkfey gksxsaA ijUrq Business es use fd;s tk,sxs rks Assets es “kkfey ugha gks axasA





[5.] Urban land (“kgjh Hkfe ½%& 10]000 ;k mlls T;knk dh vkcknh okys {ks= es 8 fdeh0 dh ifj/kh es a vkus okyk land ,urban land dgyk,xkA rFkk 8 km. ls nqj fLFkr land Assets es “kkfey ugh gksxkA

viokn%&1. ;fn land stock-in-trade es gS rks 10 o’kksZ a rd Assets es “kkfey ugha gksxkA2. Industrial Land 2 o’kks Za rd Assets es “kkfey ugha gksxkA 3. ;fn fdlh Land ij Government Authority ls construction dh jksd yxh gq;h gks rks

Assets es “kkfey ugha gksxkA 4. ;fn fdlh Land ij Government Authority dh vuqefr ls construction djk fy;k

tk, rks og Assets es “kkfey ugha gksxkA

[6.] Cash in hand:- Individual & HUF ds fy, 50]000 :- ls vf/kd dh jkf”k Assets ea s“kkfey dh tk,xhA ijUrq company or firm fy, tks cash books es Record ugha fd;k x;k gS]

og Assets es “kkfey fd;k tk,xkA

Valuation date ( eqY;kadu frfFk½ :- izR;sd financial year dh Last date (31.03.2012)

valuation date dgykrh gS aA bl fnu tks lEifr djnkrk ds ikl gksxh og mldh Assets ea s “kkfey gksxhA

Net Wealth:- Gross Value es a ls ml Assets ls Related Loans ;k Liability Less djus ds ckn “ks’k jkf”k Net Wealth ekuh tk,xh ANote:- Net Wealth Negative gks ldrh gSA

CHARGE AND SCOPE OF WEALTH TAX

[1.] fuokl LFkku ds vk/kkj ij djnkrk dks rhu Jf.k;k e ckVka x;k gS%&

1. Ordinary Resident

2. Not Ordinary Resident3. Non Resident

[2.] ukxfjdrk d vk/kkj ij djnkrk nk izdkj d gkrs gS %&

1. Indian citizen

2. Foreign citizen

[1.] Assessee is citizen of India and resident in India ( Hkkjrh; ukxfjd rFkk lk/kkj.kfuoklh ) %& Hkkjr es a vFkok Hkkjr ds ckgj fLFkr lHkh lEifr;kW Wealth eas s “kkfey dh tk,xhA rFkk mu lEifr;ks a ls lEcf/kr Loan Or Liability Less fd;s tk,xs aA





[2.] Non resident, Not Ordinary Resident, Foreign Citizen:-

ds oy Hkkjr es fLFkr lEifr;kW Wealth es a “kkfey dh tk,xhA Hkkjr ds ckgj fLFkr lHkh lEifr;kWwealth tax ds fy, Add ugha dh tk,xhA

DEEMED ASSETS

[1.] Sec.4(1)(a)(i) lEifr dk thoulkFkh dks gLrkUrj.k %& ;fn dksbZ lEifr fcuk Ik;kZIr izfrQy thoulkFkh dks Transfer dh tk, rks og lEifr gLrkUrj.k drkZ ds add dh tk,xhA

(a) Assets Transfer djrs le; vkSj Valuation Date nksuks a le; ij ifr&iRuh dk lEcU/k fo|eku gksuk pkfg,A

(b) ;fn Asset Assessment Year 1964-65 ls ysdj 1971-72 ds chp Transfer dh tk, rks og gLrkUrj.k drkZ ds Add ugha dh tk,xhA

[2.] Minor child {vo;Ld cPps dh lEifr}%& Minor Child dh Asset mlds Mother,

Father ftldh Wealth T;knk gks mles add dh tk,xhA

(a) ;fn Minor Child Handicapped gS s rks mldh Assets Mother, Father dh Wealth esa add ugh dh tk,xhA (b) ;fn Minor Married Daughter gSs rks mldh lEifr;kW mlds Mother, Father dh Wealth

es a add ugh dh tk,xhA(c) Minor Child viuh Ability Or Physical Work ls dksbZ Assets iz kIr djs rks og mlds Mother, Father dh Wealth es a add ugh dh tk,xhA

[3.] ;fn dksbZ lEifr Lo;a ds ;k Spouse ds Benefit ds fy, vU; O;fDr;ks a dks Transfer dh tk, rks Hkh og Assessee dh wealth es add dh tk,xhA

[4.] Revocable Transfer ([k.Muh; gLrkUrj.k½%& ;fn Assets dk Revocable Transfer

fd;k tk, rks og Assets gLrkUrj.k drkZ ds add dh tk,xhAviokn%&

(a) ;fn lEifr iz kIrdrkZ ds iq js thoudky ds fy, transfer dh tk, rks og gLrkUrj.k drkZ dh wealth es add ugh dh tk,xhA

(b) ;fn Revocable Transfer drkZ 6 o’kZ ls vf/kd le; ds fy, fd;k x;k gks rks Hkh lEifr gLrkUrj.k ds add ugh dh tk,xhA

[5.] Assets transfer to son’s wife:- ;fn dksbZ lEifr 31-05-1973 ds ckn iq =o/kq dks transfer dh tk, rks og gLrkUrj.kdrkZ ds add dh tk,xhA

[6.] ;fn 31-05-73 ds ckn iq =o/kw ds benefit ds fy, fdlh vU; O;fDr dks lEifr dk gLrkUrj.k fd;k tk, rks Hkh og transferor ds add dh tk,xhA

[7.] Firm Wealth Tax dk Payment ugh djrh gS ijUrq QeZ dh Wealth Member or

Partner es ckWVdj deemed wealth ds :i ea s taxable dh tkrh gSA





[8.] HUF dks transfer:- ;fn HUF dk member 31.12.69 ds ckn viuh Assets dks Transfer

djs rks Assets Transferor ds wealth esa add dh tk,xhA

[9] Book entry }kjk Transfer:- ;fn dksbZ Assets dsoy Books es Entry djds transfer dh tk, A actual ;k Physical Transfer ugh dh tk, rks transferor dh wealth ea s add dh tk,xhA

[10] HUF dh vfoHkkftr lEifr tks member maintain djsxk ;k j[ksxk og assets mlh dh deemed wealth ekuh tk,xhA

[11] Housing co-operative society es Assets ftl Member dks allot dj nh tk,xh og member mldk deemed owner ekuk tk,xkA

[12] ;fn dksbZ Assets Sale dj nh tk, ijUrq mldh jftLVªh u djkbZ tk, rks Hkh purchaser

mldk deemed owner ekuk tk,xkA rFkk assets purchaser dh deemed wealth ekudj taxable dh tk,xhA

Exempted Assets[1.] Sec. 5(i):- ;fn fdlh Charitable Trust ds ikl dksbZ lEifr gS rks og lEifr wealth tax

ls free jgsxhA

[2.] HUF es share ;k fgLlsnkjh [Sec. 5(ii)] :- HUF Lo;a Wealth Tax dk Hkqxrku djrh gSa blfy, muds members ds fy, ;g lEifr djeqDr jgsxhA

[3.] Sec. 5(iii):- Hkq riq oZ jktk&egkjktk ds fy, ,d egy ( official residence ) djeqDr jgsxkAysfdu ;fn bls fdjk;s ij ns fn;k tk, rks Sec. 5(iii) es a exempt ugh gksxkA

[4.] Sec. 5(iv):- HkqriqoZ jktk&egkjktk ds iq”rSuh Tos Syjh djeqDr jgsxhA

[5.] Sec. 5(v):- ;fn dksbZ Hkkjrh; ukxfjd vFkok Hkkjrh; eqy dk O;fDr tks fons”k es jg jgk gS LFkk;h :Ik ls jgus ds fy, Hkkjr vk tkrk gS] rks fons”k ls ykbZ xbZ lEifr;kW Hkkjr vkus dh Date ls 7 o’kksZ rd djeqDr jgsxhA(a) Hkkjr vkus ds 1 o’kZ iq oZ rd [kjhnh x;h lHkh lEifr;kW Hkkjr vkus ls 7 o’kks Z rd djeqDr jgsxhA

(b) Non Resident external A/c es tek jkf”k vFkok lEifr;kW 7 o’kks Z rd djeqDr jgsxhA(c) Out of India ls ykbZ x;h lEifr;ksa dks sale djds ;fn ;gkW ubZ lEifr [kjhnh tk,xh rks ;g lEifr dj;ksX; dj nh tk,xhA

[6.] Sec. 5 (vi):- Individual rFkk HUF ds fy, ,d edku vFkok 500 Square Meter rd dk ,d IykWV djeqDr jgsxkA¾ ftl lEifr dh Net Wealth T;knk gks mls Sec. 5(vi) ea s exempt fd;k tk,xkA¾ edku Lo;a ds jgus es a Use vk gks ] Let out gks vFkok deemed wealth ds :i es add gks

jgk gks rks djnkrk mldh Nw V ys ldrk gSA





Valuation of Assets

[I] Valuation of self occupied House:-

(a) ;fn dksbZ House property April 1971 ls igys purchase vFkok construction djkbZ tkos rks 31-03-71 dh value djnkrk dh wealth es add dh tk,xhA Market Price dks consider ugh

djsaxsA(b) ;fn House property April 1971 ls ekpZ 74 ds chp purchase vFkok construction djkbZtk, rks 1

stvaluation date dh value wealth ekuh tk,xhA Market Price dks consider ugh

djsaxsA

(c) ;fn edku 1974 ds ckn cus rks mlds ckn tks 1st

valuation date, 31 March vk,xh ogh value wealth ekuh tk,xhA Market price dks consider ugh djs axsAEXCEPTIONS:-

[1.] ;fn edku dh ykxr 25]00]000 yk[k ls vf/kd gS rks Actual Cost And 1st

Valuation

Date dh value nksuks a ea s ls tks T;knk gks mls wealth ekus axsA Market price dks consider ugh djsaxsA

[2-] ;fn House property metro city ea s gS rFkk cost 50 yk[k ls vf/kd gS rks cost and 1st

valuation date dh value tks T;knk gks mls wealth ekus axsA

[II] Valuation of Let-out House:-

Step- I :- Calculation of Gross Maintainable Rent:-(A) Annual rent received or receivable

Add- (i) Local taxes borne by the tenant. xx(ii) If the expenses of repairing are borne by the tenant,

then 1/9th

of actual rent. xx

(iii) 15% interest on the amount of deposit (if interest is payable, the

actual amount of interest paid should be deducted). xx

(iv) Amount received as premium ( Total Amount /no. of years) xx

(v) Other Benefits or perquisites derived by the owner of the house whether

convertible into money or not. xx

(B) Annual value as determined by the local authority i.e., municipal valuation

Gross Maintainable Rent [which ever is more(A & B)]

Step II.) Calculation of Net Maintainable Rent:-

Deduct- (i) Local taxes levied by local authority ( owner + tenant ) xx

XX

XX

XX

XX

XX





(ii) 15% of gross maintainable rent. xx

Net Maintainable Rent

Step-III.) Calculation of capitalized value:-(a) If the house is constructed on his own land:-

Net Maintainable Rent X 12.5(b) If the house is constructed on leasehold land

(i) If the period of lease is 50 years or more:-

Net Maintainable Rent X 10

(ii) If the period of lease is less than 50 years:- Net Maintainable Rent X 8

Capitalized Value Note:-

(I) If the house was constructed or acquired before 1st

April, 1974, then the

capitalized value of net maintainable rent would be the value of the house.

(II) If the house was constructed or acquired after 31st

march, 1974 The

capitalized value or purchase price (including the cost of improvement)

whichever is higher of the two shall be taken to be the value of the house

Step-IV.) Adjustment Regarding Unbuilt Area:-

Add- If the difference between actual unbuilt area and specified area:-

(i) More than 5% of aggregate area but not more than 10% = 20% of Cap. Value

(ii) More than 10% of aggregate area but not more than 15% = 30% of Cap. Value

(iii) More than 15% of aggregate area but not more than 20% = 40% of Cap. Value

Step-V.) Deduction For Unearned Increase :-(i) Specified amount or that part of unearned increase which is payable to the

authority

Or(ii) 50% of the value determined above (Whichever is less)

VALUE OF ASSETS

(XX)

XX

XX

XX

XX

Note:-

1. Unbuilt area:-

(a) Aggregate area:- Aggregate area means the total area of the plot on which

building is constructed and the unbuilt area;

(b) Specified area:- Specified area in relation to the plot of land on which the

property is constructed means:-





(i) If the property is situated at Bombay, Calcutta, Delhi or Madras, 60% of

the aggregate area;

(ii) If the property is situated at Agra, Ahmadabad, Allahabad, Amritsar,

Bangalore, Bhopal, cochin, Hyderabad, Indore, Jabalpur, Jamshedpur,

Kanpur, luck now, Ludhiana, Madurai, Nagpur, Patna, Pune, Salem,

Sholapur, Srinagar, Surat, Tirucherapali, Trivandrum, Vadodara, or Varanasi 65% of the aggregate area;

(iii) Where the property is situated at any other place, 70% of the aggregate

area.

2. Unearned Increase & ;fn djnkrk house property dks sale djs rks Lease dh tks jkf'k Government esa deposit djkuh gSa og Unearned Increase dgykrh gS a A bls Total value es a ls Less djsxsa A

3. lw puk ds vHkko es a Land, Free Hold Land ekuk tk;sxk A

4. Lkwpuk ds vHkko es a Remaining Lease Period 50 Year ls vf/kd ekusxs a A

5. Repair ds Actual Expenses de gks ;k T;knk gks ges'kk Actual Rent dk 1/9 Add

djsxs aA

6. Rent Receive ;k Receivable iw jh House property ds fy, iw js 12 month dh ysxs a A ;fn House property 9 Month Let Out gS] rks Hkh iwjs 12 month dh fy[ksxs a vkSj 2/3 Hkkx ds fy,let out gS rks 3/2 Hkkx ysxsa A

7. ;fn Owner deposit ij Actual Interest pay djsxk A rks mls 15% ls Less djsxs a A ;fn Interest due jgsxk rks Less ugha fd;k tk,xk A

(3) Valuation of Business Assets:- Where the assessee is carrying on business and

maintains accounts regularly, the net value of the assets of the business as a whole,

having regard to the balance sheet of such business on the valuation date, shall be

computed as follows :

(a) Assets shown in the balance sheet :-

(i) In case of depreciable assets written down value shall be taken ;

(ii) If the asset is not depreciable, then its book value shall be taken; and (iii) Value of closing stock shall be taken at a price which is adopted for

the purposes of assessment under the income tax act.

(b) ;fn Bussiness Assets dh Market Price , Cost vFkok W.D.V. ds 120% ls vf/kd gSa rks Market Price dks add djsxsa vU;Fkk cost dks Wealth ekus axs a A





(4) Valuation Of Firm Assets :- QeZ wealth tax dk payment ugh djrh gSA cfYd QeZdh wealth dks partners es ckVWdj taxable fd;k tkrk gSA

1. Partners dh Total Capital ds cjkcj Wealth, Capital Ratio esa ckWVh tk,xhA2. ;fn Capital ls vf/kd Wealth gks rks Surplus Dissolution Ratio esa ckVsaxsA 3. ;fn fo?kVu dk vuqikr ugh fn;k gks rks Profit Sharing Ratio es a ckWaVsxsA rFkk og Hkh ugh

fn;k gks rks Surplus cjkcj ckVsaxsA 4. QeZ ls izkIr Wealth es a fgLlk + partner dh individual wealth nksuks a dh total ij wealth

tax pqdk,sxkA

Note :‐ ;fn QeZ ds ikl residential House gS rks og partners es deemed wealth ds :i es taxable gksxkA rFkk partner ml House property dk sec. 5(vi) es exemption ys ldrs gSA

Net wealth of partner located in India =

Net wealth located in India

-------------------------------- X Value of partner’s interest in the firm

Total net wealth of the firm

(5) Valuation of life Interest:- ;fn dksbZ O;fDr fdlh Hkh Trust ls iw jh Life Time ds fy,income izkIr djus dk Right j[krk gSa rks ml Income ds vuq lkj mlds Life Interest dh Calculation dh tkrh gSa A1. Average 3 years dh Income ysxs a ;fn rhu o’kZ dh Income ugh gS rks Two Years dh ysxs Aa 2. Income izkIr djus ds Expenses Less djsxs a tks Actual vkSj 5 % of average income ( which

ever is Less) gksxs a A3. djnkrk dhs Age ds vuqlkj ,d :i;s dh Life interest dh Value nh gksxhA mldks Net income ls Multiply djsxs a A4. Trust dh actual wealth or life interest dh Value tks nksuks ls de gks ml ij Wealth tax nsxsa A

1

Value of Life Interest = ------------------- -1

P+d

i

1. d= --------

1+ i

2. P= annual premium of whole life policy without profit

3. I= Interest Rate

wealth hindi set 100 double

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