Wealth tax was introduced in 1957 and was levied on individual/ HUF’s net wealth. However, wealth tax would be applicable if one possesses more than one property and the value of the same is more than Rs 30 lakh. The tax rate was 1 per cent. Wealth tax was abolished in 2015-16 budget and instead the surcharge on superrich was increased to 12% from 10% to compensate the revenue loss.
