Wealth tax was abolished in 2015; previously, it applied to individuals, HUFs, and companies with net wealth over ₹30 lakh.
This infographic explains wealth tax in India, which was a tax on net wealth including real estate, gold, and luxury items. It applied to individuals, HUFs, and companies if net wealth exceeded ₹30 lakh, at a flat 1% rate. Exemptions included business-use property, agricultural land, and personal vehicles. Wealth tax was abolished in 2015, replaced by a surcharge on high-income earners, reducing compliance burden and improving tax administration.