Wealth tax
This query is : Resolved
Querist : Anonymous
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
Thanks in advance
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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