Wealth Tax
This query is : Resolved
Jitendra Kumar Chopra
(Querist)
12 June 2008
For the purpose of wealth tax, do we have to take WDV of the motor car???
MANAS ROUT
(Expert)
12 June 2008
FAIR VALUE
Jitendra Kumar Chopra
(Querist)
12 June 2008
For the purpose of wealth tax, do we have to take WDV of the motor car???
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
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
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.
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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