Whether a car used by an individual for the purpose of business is includible in the computation of net wealth under the Wealth Tax Act, 1957 ?
3 Replies
Z
(Tax Consultation (US and India))
(2970 Points)
Replied 05 December 2014
S. 2(ea)"assets", in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year, means-
ii) motor cars (other than those used by the assessee in the business of running them on hire or as stock-in-trade)
Since it does not satisfies this condition it shall be an asset
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 05 December 2014
I thnik car is not used in the business of hiring and kept as stock in trade by a dealer.
so the car used in the business by an individual is an asset under the welath tax.
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