Wealth tax

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Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 Is delivery van used in business of assesse includible as an Asset under Wealth Tax?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 July 2014 no as it falls in exception case and not includible since its used for business

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 Can you please provide the case law or provision where such exception is given

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 July 2014 refer sec 2(ea) and under motor vehicles it mentions exception that vehicle used for business is exempted.

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 It says motor car used as stock in trade and not "used in business"

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 July 2014 then what is the business of assessee?

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 Business is manufacturing

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 July 2014 then it will be included in the definition of asset.

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 Ok.Thank you sir for your reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 July 2014 you are welcome friend..........................

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