Wealth tax query
This query is : Resolved
11 February 2014
Respected Members,
My query is:-
Under Wealth Tax Act, while calculating the value of Interest of a partner in a Firm, should I follow the valuation rules under Valuation of Business Assets or should the assets of the firm will be valued individually (based on applicable rules of respective assets under Wealth tax rules) ?
Will be grateful if you could give your valued advise.
Many Thanks,
Warm Regards,
G. Sharma
My query is:-
Under Wealth Tax Act, while calculating the value of Interest of a partner in a Firm, should I follow the valuation rules under Valuation of Business Assets or should the assets of the firm will be valued individually (based on applicable rules of respective assets under Wealth tax rules) ?
Will be grateful if you could give your valued advise.
Many Thanks,
Warm Regards,
G. Sharma
12 February 2014
Valuation has to be done as per rule 16 of schedule III which implies valuation of the assets of the firm has to be done as per the rule applicable to the valuation of that asset.
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