inclusion of cash in asset for wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2012
an assesse(individual) has cash outstanding more than 50000 at the end of the year but that cash is used for business purpose at the starting of next year.this cash was used for productive(commercial)purpose, he liable for wealth tax on such cash amount.
14 April 2012
If as at the valuation date cash in hand with the assessee is there exceeding Rs. 50,000/- then the same is liable for wealth tax irrespective of its use in the next year.
14 April 2012
Yes. Physical cash exceeding Rs. 50,000 is considered as wealth.
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