Fixed deposits as wealth
This query is : Resolved
madhav navalkar
(Querist)
04 March 2013
sir please can you tell me if fixed deposit with bank will be taken for computing wealth as defined in wealth tax for taxable wealth
Dintakurthi Tirumala
(Expert)
04 March 2013
Fixed deposit means cash at bank. According to the the wealth tax act cash in hand as on the valuation date i.e 31st March of every year in excess of Rs.50,000 in case of individuals or Hufs and cash amount not recorded in the books in case of companies is considered as asset and taxable to wealth tax. Cash at bank means not the cash in hand it is cash equivalent but not cash in hand.
In one word what amount of cash with us is cash in hand. So fixed deposit amount is not an asset and not taxable for wealth tax.
OM SAI SRI SAI JAI JAI SAI
In one word what amount of cash with us is cash in hand. So fixed deposit amount is not an asset and not taxable for wealth tax.
OM SAI SRI SAI JAI JAI SAI
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