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Tax Evasion Checklist: Not Including Ornaments In Wealth Tax

June 24, 2016 by Sudhir Kaushik

Wealth Tax is payable if the market value of particular assets exceeds Rs 30 lakh. The tax to be paid is 1% of the combined value of the assets exceeding Rs 30 lakh. Assets that qualify for Wealth Tax are:

  • Second house that’s lying vacant for more than 66 days
  • Gold and ornaments
  • Art and artifacts
  • Luxury cars, watches, yatches and aircrafts
  • Over Rs 50,000 in cash

By not declaring the assets qualifying for Wealth Tax, the minimum penalty is 100% which can go up to 500%. The DTC punishes Wealth Tax evaders with imprisonment minimum of 3 months and can go up to 7 years.
Here are the common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012):

  • Ignoring income from investment in the name of spouse, kids.
  • Ending life insurance policy before 3 years.
  • Not including interest income in your tax return.
  • Selling a house bought on loan within five years.
  • Receiving gifts and cash from persons other than blood relatives.
  • Not paying wealth tax on second house.
  • Both spouses claiming tax benefit on same expenses.
  • Withdrawing PF within five years of joining a company.
  • Taking benefit of basic exemption limit twice in a year.

Filed Under: Tax Refunds

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