Wealth Tax
This query is : Resolved
Rahul Ramesh
(Querist)
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).
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
(Expert)
26 November 2009
All these item are not assets u/s 2(ea) of wealth tax act
CA Ravi Sisodia
(Expert)
26 November 2009
Agree
Rahul Vora
(Expert)
26 November 2009
Agree
26 November 2009
agree
Rahul Ramesh
(Querist)
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
(Querist)
26 November 2009
CA Ravi Sisodia
(Expert)
26 November 2009
MOTOR CAR EXEMPT BECOUSE ITS USED FOR THE PURPOSE OF BUSINESS.
Rahul Ramesh
(Querist)
27 November 2009
Could you please mention the section that specifies the exemption of 'motor car used in business'
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'
BUSINESS.
27 November 2009
Could you please mention the section that specifies the exemption of
'motor car used in business'
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