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Deductions of wealth tax? |
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Answer» Answer: A net WEALTH tax DEDUCTED liabilities from an individual's wealth, primarily MORTGAGES and other loans. ... The wealth tax was abolished in the Union Budget (2016-2017) on February 28, 2016, and replaced with an ADDITIONAL surcharge of 2 PER cent on the super-rich (those with annual taxable income exceeding Rs 1 crore). |
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