Wealth tax
This query is : Resolved
05 November 2014
Hi ,
Whether Wealth tax is applicable on Motor Car- Which doesn't form part of Stock in trade but it is used for commercial use of the business. i.e. It is productive
Whether Wealth tax is applicable on Motor Car- Which doesn't form part of Stock in trade but it is used for commercial use of the business. i.e. It is productive
22 November 2014
Section 2(ea) of the Wealth Tax Act defines assets and includes, inter alia, motor car.
Accordingly motor car owned by company is an asset for the purpose of wealth tax & company has to pay wealth tax on it.
Accordingly motor car owned by company is an asset for the purpose of wealth tax & company has to pay wealth tax on it.
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