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WEALTH TAX.

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(Querist)
07 August 2010 CAN THE DEDUCTION OF THE DEBT OWED IN RELATION TO A PARTICULAR ASSET CAN BE MORE THAN THE VALUATION OF THAT ASSET,IF THERE ARE ALSO OTHER ASSETS AS PER SEC
2(ea)against which the deduction of debts owed is less in aggregate.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
07 August 2010 I do not think negative wealth can be added and also the debt of a asset cannot exceed its cost in any case. So not allowed.

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