25 November 2009
How will the following be assessed under wealth tax act ? 1. Equity shares in a private company(eg.Rs.800000). 2. Share Application money paid to an indian company (eg. Rs.200000). 3. Interest free Loan given to a private company (Rs.500000). 4.Motor vehicles (other than cars) used in the grocery business including motor cycles (eg. Rs.600000).
26 November 2009
I'm still doubtful about motor vehicles because I have read in some books that 'motor car includes all motor vehicles excluding heavy vehicles'.
CAclubindia
