If anyone possesses property above Rs. 1 crore including watches and paintings, then the person have to pay extra property tax for that, Pranab Mukherjee going to announce this in the financial budget 2012.
Wealth Tax
The proposed Direct Tax Code (DTC) was supposed to replace the existing Income Tax Act 2012, has suggested to pay 1% tax if anyone has the property more than Rs. 1 crore at home. In a nutshell, the High Net-worth Individual (HNI) is in for some taxing times.
Under the existing law, the threshold level to kick in the wealth tax provisions is Rs. 30 lakhs. According to the HNI experts, these new additions to the list in the new tax code are likely to make the common life difficult for the people. There would be disputes and chaos over the evaluation of the property by the tax department, as there is no uniform method to evaluate the total property.
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