Wealth Tax

Tax queries 384 views 1 replies

AC Manager

28 Points Joined January 2009

please any body tell me that :

a proprietor firm -> ABC Apparels

have 04 motor car for official purpose , claim depriciation in firm balance sheet.

my ? is :

can we add motor car in proprietor wealth tax return or not ?

Replies (1)

CA B. Com NCFM CPCM

5015 Points Joined February 2008

Originally posted by :Uday Kiran
"	as per sec 2(ea) of the Wealth tax act, Motor cars are assets, except where they are used in the business of running them on hire and which are held as stock in trade. Therefore, motorcars held by the assessee in business and shown them in the balance sheet constitute to be ASSET and included in the wealth of the assessee.	"