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.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- TDS- 2026-27 Q1 Correction
- GSTR9 Annual Return
- Applicability of tax on invoice
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
