wealth tax on motor car

This query is : Resolved 

30 April 2008

While calculating wealth tax on motor car by insured value method whether 20% should be reduced?

CA Hemant T Dewani (Expert)
01 May 2008

when you are calculating motor car in wealth tax closing balance sheet value should be taken not 20% less value
u/s 2(e)(a)

Sanjeev Kumar Sharma (Expert)
01 May 2008

yes i agree with mr hemant dewani

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