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  1. Your answer is not clear. There are some exemptions for wealth like one house free, if the 2nd house is rented out more than 300 days in a year then it is also exempt from tax. If you do not have house/s, then one plot not more than 500 sq.mtrs. is free from tax. Like that. The basic exemption limit is 15 lakhs. wealth tax if any is only after deducting 15 lakhs from the total wealth.(@1% flat)

    If the property is the business asset, then it is not taxed.

    Without any details in your answer, no one can give correct answer.

    In case if you have taken 8 lakhs of loan for buying a 20 lakhs asset, then it is 12 lakhs only (20-12) for wealth tax purpose.

  2. unless u give full details of the assets no one can give u a correct answer. liabilties have alto to be explained. so the question is incomplete