Wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 December 2013
Dear Sir/ Madam,
I am owner of a Proprietary Firm and make Balance Sheet for the Firm only.
As per Firm balance sheet I have Capital account balance of 2crores as on 31.3.13
So for wealth tax purpose how I will calculate the tax specially for Cash balance and Car as those are owned by firm only.
Pls. suggest.
Regards
Goutam
I am owner of a Proprietary Firm and make Balance Sheet for the Firm only.
As per Firm balance sheet I have Capital account balance of 2crores as on 31.3.13
So for wealth tax purpose how I will calculate the tax specially for Cash balance and Car as those are owned by firm only.
Pls. suggest.
Regards
Goutam
Shudhanshu Agrawal
(Expert)
30 December 2013
Proprietary firm does not have any separate legal entity. Hence all the assets and liabilities of the firm will be considered for calculation of wealth tax liability.
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