Wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2011
cash in hand in proprietary business in excess of rs50000 is it taxable wealth. if exempted means kindly give the section no.
28 December 2011
Section 2(ea)(vi) of the Wealth Tax Act provides that asset includes:
cash in hand, in excess of fifty thousand rupees, of individuals and Hindu undivided families.
Accordingly, in case of individuals and HUF, cash in hand in excess of Rs. 50,000/- is treated as wealth.
However, the same will be chargeable to wealth tax if the wealth exceeds the specified limit.
cash in hand, in excess of fifty thousand rupees, of individuals and Hindu undivided families.
Accordingly, in case of individuals and HUF, cash in hand in excess of Rs. 50,000/- is treated as wealth.
However, the same will be chargeable to wealth tax if the wealth exceeds the specified limit.
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