Sir,
In wealth tax -
If assessee (individual) have $ 5000 (Rs 250000 app.) then what will be include in net wealth of assessee ?
Vikash Mangal
Richa
(B.Com, CA Final Stdnt)
(113 Points)
Replied 25 March 2010
Vikas ji.........is ur mean 250000rs. then u can take 200000 as net wealth. whereas there is total exemption of 1500000. ok correct if m wrong
Amir
(Learner)
(4016 Points)
Replied 25 March 2010
Dear Vikas,
Agree with the above reply.
First it will be converted in INR as on 31st March and then amount in excess of Rs. 50,000 will be included.
Further, Richa now the exemption limit has been raised to 30Lacs from by Finance Act 2009(No.2)
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 25 March 2010
The act states that cash in hand, in excess of fifty thousand rupees, of individuals and Hindu undivided families and in the case of other persons any amount not recorded in the books of account.
VIKASH
(CA FINAL 2ND GROUP)
(142 Points)
Replied 25 March 2010
In wealth tax -
if trust got exemption u/s 5(1)(i) then will trust avail exemption u/s 5(1)(vi) ?
manoj
(student)
(5205 Points)
Replied 26 March 2010
if the trust divert it income/ property to specified person r spend on the purpose which r not related to objective of trust then section5(1)(vi) invoked
CAclubindia
