Wealth tax
This query is : Resolved
09 June 2012
Hello,
May i know ,whether gold bars purchased by individual who is running sole proprietory business , comes under wealth tax.& so form 0-8 form is to be submitted.
PL reply
May i know ,whether gold bars purchased by individual who is running sole proprietory business , comes under wealth tax.& so form 0-8 form is to be submitted.
PL reply
10 June 2012
In case the Gold bars have been purchased as stock in trade, under the WT Act, it will not be treated as an asset and as such not form part of the net wealth of the assessee.
.
If assessee has purchased the Gold Bars, as investment, or otherwise that stock in trade, these will be included in the net wealth and be liable for WT.
.
.
If assessee has purchased the Gold Bars, as investment, or otherwise that stock in trade, these will be included in the net wealth and be liable for WT.
.
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
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Reprocessing of rectification order AY 2025-26
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
