Wealth tax is charged on the total value of personal assets.

1. Wealth Tax
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Definition
• Wealth tax is charged on the total value of
personal assets.
• The tax is levied on the wealth possessed
by people in a nation.
• It may be imposed on bank deposits,
corporate stock, pension plans etc.

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Wealth Tax in India
• The tax is levied under Wealth Tax Act 1957.
• The Wealth Tax Act 1957 is applicable to the
whole of the country including Jammu and
Kashmir.
• The tax is charged on every company,
individual and Hindu undivided family on the
value of their net wealth.

4. Assets Chargeable To Wealth Tax
• aircrafts (excluding those used by the
assessee for commercial reasons)
• urban land
• guest house
• Jewellery
• residential house
• motor car (excluding those used by the
assessee in the business of running them on
hire)
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