wealth tax can be levied if an individuals wealth crosses 30 lakh it is taxed at 1 of the wealth who is liable to pay wealth taxindividuals hufs and companies other than notforprofit companies registered us 25 of the companies act 1956 have to pay wealth taxinclusions residential house including a guest house and commercial building jewellery gold and other precious metals including articles made of precious metals yachts boats and aircraft other than those used by the taxpayer for commercial purposes urban land cash in hand in excess of 50000 of individuals and hindu undivided families motor cars other than those used in taxpayers hiring business or used as stockintradeexclusions one house or part of a house or a plot of land belonging to an individual or a hindu undivided family a plot of land comprising an area of five hundred square metres or less moneys and the value of assets brought into india by an indian citizen or a pio on his permanent relocation to india and the value of the assets acquired by him out of such moneys within a year immediately preceding the date of his return and at any time thereafter any house which is occupied for the purposes of tax payers own business or profession any residential property that has been let out for a minimum period of three hundred days in the financial year any property in the nature of commercial complexestablishmentto check if you are liable to pay wealth tax you have to compute the market value of your assetsif you are servicing a loan on your property then the wealth tax payable is the net value minus the outstanding loan amount for example if the market value of the property is 50 lakh and you are servicing a loan of 35 lakh then the wealth tax is payable on 15 lakh however if you have rented the house for more than 300 days in one financial year you are exempted from paying wealth tax on that propertythe due date of filing wealth tax return is the same as the one for filing of return of income which is july 31