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,
CA Raju Kumar Shaw
(Expert)
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
CA PARAS BAFNA
(Expert)
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.
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