Wealth tax

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Querist : Anonymous

Querist : Anonymous (Querist)

25 December 2012 IF SILVER UTENSILS ARE USED FOR PERSONAL PURPOSE BY AN INDIVIDUAL, WILL IT ATTRACT WEALTH TAX.

@VaibhavJ

@VaibhavJ (Expert)
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25 December 2012 Nope it doesnt attract wealth Tax..

Silver utensils to a reasonable extent, even if used by the assessee on certain special occasions are personal effects as held in [Jayantilal A. Shah v K. N. Anantharama Aiyar CIT 23Taxman14 (Bom, 1985)]

Thanks..

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Querist : Anonymous

Querist : Anonymous (Querist)

25 December 2012 what about the gold utensils & jewellery

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Pankaj Gupta

Pankaj Gupta (Expert)
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25 December 2012 In indian families it had been a tradition to use silver utensils in the kitchen. Hence silver utensils are personal effects of the assessee thus not a taxable asset. This was held in the case of cit v. Benarshilal kataria. But as there is no such tradition to use gold utensils, hence they will be taxable. And it is very clear about the jewellery that they are asset wether gold or silver.