Wealth tax is a kind of direct tax (a tax which is has to be directly paid by an individual), which is liable to be charged on the net wealth of the individual holding it. Wealth tax is chargeable in respect to total value of net wealth available on valuation date. Net wealth means all assets available to an individual minus the loan taken to acquire those assets. These assets could be movable or immovable. Wealth tax is 1% on Net wealth exceeding 30 lakhs (Rs30, 00,000). So if an individual assess more money, movable assets or immovable assets then he/she is liable to pay tax.
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What is a wealth tax?
