Regarding cash in hand excess of rs.50,000/-

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 March 2015 A Proprietorship Firm has Cash balance of Rs.125000/- as on 31.03.2013. I want to know whether the Proprietor is liable for Wealth tax, as cash in hand is excess of Rs.50,000/-.
Awaiting your Reply.

Thanks in Advance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 March 2015 http://www.aubsp.com/2011/06/definition-of-assets-under-wealth-tax.html

yes as per section 2(ea) of wealth tax act 1957, prop shall be classified as individual.

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