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Wealth Tax

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(Querist)
30 November 2009 Is Motor vehicles used in the proprietory business exempt from wealth tax.If yes specify the Section under wealth tax Act granting such an exemption.
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
30 November 2009 U/s 2(ea)(ii) of the wealth tax act, Motor cars are exempted from the definition of asset if it is used by the assessee in the business of running them on hires or motor cars treated as stock in trade.

other than above any other motor car is an asset for the purpose of wealth tax
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Rahul Ramesh

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Rahul Ramesh (Querist)
30 November 2009 Thanks for the quick reply!!!

Does that mean that any vehicle used in the business other than a business of running them on hire is not exempt?
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CA.SHAHZAD SAYYED

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CA.SHAHZAD SAYYED (Expert)
30 November 2009 Dear Rahul
Yes! all motor Vehicle other than specify by Mr.Huzaifa are Comes under the definition of Assets & hence liable for Wealth Tax
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
01 December 2009 agree with experts
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Rahul Ramesh

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Rahul Ramesh (Querist)
01 December 2009 Thanks a lot.
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