Wealth tax on asset purchase on loan
This query is : Resolved
17 August 2011
a company purchased motor car on LOAN , i want to know that whether such asset comes in purview of wealth tax . please provide section refernce
thank you,
thank you,
17 August 2011
Yes the asset will come under the perview of wealth tax under the definition of section 2(ea)except -
a)if the motor car is being used by the assessee in the business of running them on hire or
b)car treated as stock in trade.
from the aggregate of asset debt owed by the assessee as on valuation date will be deducted (in your case o/s amount of car loan).
a)if the motor car is being used by the assessee in the business of running them on hire or
b)car treated as stock in trade.
from the aggregate of asset debt owed by the assessee as on valuation date will be deducted (in your case o/s amount of car loan).
17 August 2011
from the aggregate of asset debt owed by the assessee as on valuation date will be deducted (in your case o/s amount of car loan).
for this , provide section refernce please
for this , provide section refernce please
17 August 2011
For motor car is an asset -refer Section 2(ea)(ii)
For Debts owed to be deducted refer Section 2(m) which defines Net Wealth as Taxable Wealth.
For Debts owed to be deducted refer Section 2(m) which defines Net Wealth as Taxable Wealth.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Eway bill not cancelled within 24 hous what can be due
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- DIN reactivation
- TDS Return Q1 FY 2026-27
- 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
