A car costs more than Rs.2,50,000/-. The exumption limit for wealth tax is Rs.2,50,000/-. So will there be a need to pay wealth tax ....? and file its return...?
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Wealth...?
Replies (3)
If the car is used for personal use, then no need to pay Wealth Tax on it, also no need to file Wealth Tax Return.
Regards,
Devendra K
Thnx Devendra. Can u share a file which gives some basic insight on wealth tax.It would be very helpfull ?
Please check the link below. It might help you.
/articles/wealth-tax-at-a-glance-3848.asp
Regards,
Devendra Kulkarni
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