Wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 September 2012
Assessee is properieotry concern in which he is having the CARs of Rs 50 Lacs and Cash in Hand of Rs 10 Lacs
in addition to other Assets i.e Gold jewellery and land in His personal name
Whether he is liable for the wealth tax on the cars and Cash in Excess of Rs 30 Lacs
Kindly reply
regards
s
Assessee is properieotry concern in which he is having the CARs of Rs 50 Lacs and Cash in Hand of Rs 10 Lacs
in addition to other Assets i.e Gold jewellery and land in His personal name
Whether he is liable for the wealth tax on the cars and Cash in Excess of Rs 30 Lacs
Kindly reply
regards
s
Amol S Joglekar
(Expert)
18 September 2012
The proprietory concern and individual are one and same so far as income/ wealth tax is concerned. Accordingly the limits will apply for CARs and cash in hand.
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