wealth tax

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 1. Compute the net wealth of Akbar, a resident individual as on 31.03.2011 from the following:

(a) He has a house property at delhi valued at Rs. 20,00,000/- which is used for business purposes.

(b) Vehicles for personal use – Motor Car Rs. 8,40,000/- ; Motor Van – Rs.4,50,000/- and Jeep Rs.3,54,000/-

(c) Cash in Hand – Rs.3,50,000/-

(d) Jewellery – Rs.15,60,000/- and

(e) He had transferred an urban house plot in February 2011 in favour of his niece, which was not revocable during her life time. His niece died on 14.03.2011 and could get the title of plot re-transferred to his name on 15.04.2011. Market value of house plot as on 31.03.2011 is Rs. 14,10,000/-

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 January 2011 You may refer the Computation of Wealth of Mr. Rajan in CS Executive Module of Direct Taxes.
Luckily, the wealth of Akbar and Rajan are the same.

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