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Wealth tax applicable

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 April 2015 if anybody has 2 motor car and 1 Two Wheeler in books. does he has to pay wealth tax or any Itax implications.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
23 April 2015 2 motor cars will have to be shown at their WDV and two wheeler will be exempt. Wealth tax will be paid only if total net wealth exceeds Rs. 30 lacs.
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