Wealth tax

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 ?  

Replies (3)

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

Agree with above reply

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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