Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2013 If a partnership firm has 3 partners, one of whom is a non-resident having (among other assets) cash in hand in india of rs. 75,000, then shud rs. 25,000 (in excess of 50,000) be included in computing the wealth of such partner or any other amount ?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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28 May 2013 This limit of 50,000/- is for individual person or HUF. The investment of Partnership firm is to be calculated by different method by including and excluding the assets as per market value