Wealth tax
This query is : Resolved
20 November 2011
is motor car used for business purpose treated as asset under wealth tax?with reason.
plzz reply soon....
plzz reply soon....
20 November 2011
Motor car used for the purpose of business or personal use are assets in wealth tax act..except following
1. if such motor cars are used in the business of runing them on hire.
2. if such motor cars are held as stock in trade.
but in above case motor car will be assest in wealth tax act
1. if such motor cars are used in the business of runing them on hire.
2. if such motor cars are held as stock in trade.
but in above case motor car will be assest in wealth tax act
20 November 2011
but it is generally being said that wealth tax is charged on unproductive assets,but using car in business is a productive use of asset.plzz xplain this concept.
21 November 2011
kindly escape what is generally said. You have to read and interpret the law. whatever is written by vishal is correct.
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