Wealth Tax In India
This Act may be called the Wealth-tax Act, 1957. It extends to the whole of India. It shall be deemed to have come into force on the 1st day of April, 1957.
The Wealth Tax Act is an important direct tax legislation.
Wealth tax is tax on the benefits derived from property ownership.
The tax is to be paid year after year on the same property on its market value, whether or not such property yield any income.
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