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Wealth tax

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(Querist)
09 June 2012 Hello,

May i know ,whether gold bars purchased by individual who is running sole proprietory business , comes under wealth tax.& so form 0-8 form is to be submitted.

PL reply
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
10 June 2012 In case the Gold bars have been purchased as stock in trade, under the WT Act, it will not be treated as an asset and as such not form part of the net wealth of the assessee.
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If assessee has purchased the Gold Bars, as investment, or otherwise that stock in trade, these will be included in the net wealth and be liable for WT.
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