Abolition of Wealth Tax Act in Budget 2015-16: HNI REALTY INVESTMENT TO GET A BOOST

HNI REAL ESTATE INVESTMENT TO GET A BOOST...!


With the proposed abolition of Wealth Tax Act in Budget 2015-16, retail investors, in particular High net worth individuals (HNIs), may hike their investment in real estate as the existing restrictions will be removed. 


Moreover, it will lessen the compliance burden of the income tax payers & also administrative burden of the income tax (IT) department, according to industry experts. 

Under the existing provisions of Wealth Tax Act, wealth-tax is levied at 1% on an individual or HUF or / company, if the net wealth of such a person exceeds Rs. 30 lac on the valuation date. (March 31) 

However, the information required to be furnished in the wealth-tax return shall be captured by suitably modifying IT return form.
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