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Wealth tax

This query is : Resolved 
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(Querist)
13 July 2013 Dear sir,

I have found on Return under Wealth Tax where the person has adjusted debts owed against other asset the details are as follows.

Motor Car (Sch. III Value ) 500000
Loan taken For purchase of Motor Car 700000
Jewelry (FMV) 500000

Net Wealth Calculated is 300000
ie. (500000-700000)+ 500000

Whether the contention of person is correct or not ?

Please Guide.
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
17 April 2017 Very old query need to be closed now
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