Wealth tax
Querist : Anonymous
if a proprietor has factory building, machinary,cars & other goods vehicle,stock & cash of 500000 in his concern(business),
above which property is liable for wealth tax?
what limit for wealth tax
kindly guide me
thanking you
1. Building used for purpose of business
2. Vehicle, Machinery used for business
3. Stock in Trade
Accordingly all the Assets mentioned in the querry are not subject to wealth tax. Also cash employed in business is not subject to wealth tax.
Querist : Anonymous
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