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.
CS Pawan Kumar Baid
(Expert)
21 November 2011
kindly escape what is generally said. You have to read and interpret the law. whatever is written by vishal is correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
