Subject to the provisions of sub-section (2), the value of any asset, other than cash, for the purposes of this Act shall be its value as on the valuation date determined in the manner laid down in Schedule III.

The value of a house belonging to the assessee and exclusively used by him for residential [...]

Wealth Tax Rates In India
For Individuals And Non-Specified HUF’s
Net Wealth [...]

Assets which are not considered for wealth tax:-
1. Personal effects such as wearing apparel, furnitur, air conditioners, refrigerators, motors cars, etc., held for personal use by the assessee or dependent family members are not considered for wealth tax.
2. Ornaments made of gold, silver, platinum or other precious metals or alloys, whether or not containing [...]

Wealth tax is chargeable only on the following assets:
Any guest house, residential house, commercial property, urban farm house. However an exception is provided in this clause regarding the following:

A residential house allotted by a company to an employee, officer or director, drawing annual salary of less than Rs. 200000.
A residential or a commercial house [...]

Assessees means a person by whom the wealth tax or any other sum of money is payable under the provisions of the Act, and includes the legal representative, executor or administrator of a deceased person and a person deemed to be an agent of a non-resident.
Under the Act tax is charged on the following [...]

The Wealth Tax Act is an important direct tax legislation. Wealth tax is tax on the benefits derived from property ownership. The tax is to be paid year after year on the same property on its market value, whether or not such property yield any income.This Act may be called the Wealth-tax Act, 1957. [...]