Wealth tax

This query is : Resolved

Prathap Ak (Querist)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.