Wealth Tax

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Jitendra Kumar Chopra

Jitendra Kumar Chopra (Querist)
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12 June 2008 For the purpose of wealth tax, do we have to take WDV of the motor car???

MANAS ROUT

MANAS ROUT (Expert)
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12 June 2008 FAIR VALUE

Jitendra Kumar Chopra

Jitendra Kumar Chopra (Querist)
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12 June 2008 For the purpose of wealth tax, do we have to take WDV of the motor car???

PC-www.bharadwajinstitute.com

PC-www.bharadwajinstitute.com (Expert)
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19 June 2008 When you used the word WDV.(WDV is applicable for the business Assets)..it refers that the Motor car is a business asset..

Business assts are not subject to wealth tax.

The Word or Concept of WDV is not appliable in case of Car used for Personal purpose

with regards
PC
profvpp@gmail.com
www.bharadwajinstitute.com

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 Mr PC you say that business assets are not subject to wealth tax.

If that is the case, then why are companies liable to pay wealth tax?

Business assets which fall in the definition of assets as per Section 2(ea) are liable for welath tax.

Motor car is one such asset on which wealth tax has to be paid. As per Rule 20 of Schedule III to the Wealth Tax Act, fair market value of the motor car has to be taken for the purpose of wealth tax.

The value as per the insurance policy can be taken as the fair market value.

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