Wealth-tax was first introduced in India in _____.

May 1957

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April 1980

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Jan 1947

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August 1947

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Solution

The correct option is A May 1957
Wealth Tax Act, 1957, is an act of the parliament of India that provides for the levying of wealth tax on an individual, Hindu undivided family or corporates. The tax was levied on the net wealth owned by a person on a valuation date. It was introduced in India in May, 1957.

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