Wealth-tax exemption limit “up”

At present, wealth-tax liability is attracted in the hands of every individual, HUF and company at the rate of 1% of the net wealth in excess of Rs.15 lakh. This limit, fixed way back in 1992, was long due for revision. Accordingly, the limit is now proposed to be enhanced to Rs.30 lakh for the valuation of net wealth as on 31.3.2010 and thereafter.