Wealth Tax

This query is : Resolved

Rahul Ramesh (Querist)
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25 November 2009 How will the following be assessed under wealth tax act ?
1. Equity shares in a private company(eg.Rs.800000).
2. Share Application money paid to an indian company (eg. Rs.200000).
3. Interest free Loan given to a private company (Rs.500000).
4.Motor vehicles (other than cars) used in the grocery business including motor cycles (eg. Rs.600000).

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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26 November 2009 All these item are not assets u/s 2(ea) of wealth tax act

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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26 November 2009 Agree

Rahul Vora

Rahul Vora (Expert)
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26 November 2009 Agree

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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26 November 2009 agree

Rahul Ramesh

Rahul Ramesh (Querist)
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26 November 2009 I'm still doubtful about motor vehicles because I have read in some books that 'motor car includes all motor vehicles excluding heavy vehicles'.

Rahul Ramesh

Rahul Ramesh (Querist)
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26 November 2009

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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26 November 2009 MOTOR CAR EXEMPT BECOUSE ITS USED FOR THE PURPOSE OF BUSINESS.

Rahul Ramesh

Rahul Ramesh (Querist)
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27 November 2009 Could you please mention the section that specifies the exemption of 'motor car used in business'

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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03 August 2025 MOTOR CAR EXEMPT BECOUSE ITS USED FOR THE PURPOSE OF
BUSINESS.
 27 November 2009
Could you please mention the section that specifies the exemption of
'motor car used in business'

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