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...?
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...?
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
CAclubindia
