Wealth tax liabilities on loans and advances and debtors
This query is : Resolved
NARESH KUMAR SHARMA
(Querist)
07 October 2011
Q. Whether Loans and advances, debtors, shares, debentures, bonds, are covered in wealth for wealth Tax Purpose.
sumit jain
(Expert)
07 October 2011
As per sec. 2(ea), the following shall be treated as an asset and therefore considered for calculation of the Net Wealth of the assessee on the valuation date:
(A) House;
(B) Motor Cars;
(C) Jewellery etc.;
(D) Yachts, boats and aircrafts;
(E) Urban Land; and
(F) Cash in hand.
Hence, Loans and advances, debtors, shares, debentures, bonds are not covered
(A) House;
(B) Motor Cars;
(C) Jewellery etc.;
(D) Yachts, boats and aircrafts;
(E) Urban Land; and
(F) Cash in hand.
Hence, Loans and advances, debtors, shares, debentures, bonds are not covered
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