Wealth Tax is applicable to every Individual, HUF and Company at the rate of 1% on the amount by which Net Wealth exceeds Rs.30 lakhs.

The assets which are included in net wealth are residential/commercial land; residential building/flat (if not let out for more than 300 days in a year); jewellery, bullion, utensils of gold/silver; cash-in-hand above Rs. 50,000/-. [Refer Section 2(ea) of the Wealth Tax Act, 1957].