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Wealth tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 December 2016 Assessee is a sole proprietor. He has investment in business. Business balance sheet has stock, debtors, cash in hand and bank as on 31.03.2015.. Assess also owns a residential property. Question If cash in the business balance sheet is asset as per wealth tax act then what about stock and debtors?

Thanks in advance
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
14 December 2016 Stock and Debtors are not the assets as per Wealth tax. If cash in hand is more than Rs.50000 then taxable.
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