23 February 2011
In case of an individual, whether cash in hand in excess of Rs 50,000 and the WDV of Motor Car used for business on the valuation date in his proprietory concern taxed as Wealth under the Wealth tax act 1957. If yes, how to determine WDV of Motor Car?. Thanks a bunch.
23 February 2011
Csh in hand in excess of Rs. 50000 is treated as wealth u/s section 2(ea)(vi. In case of motor car, value for the purpose of wealth tax should be following
a) WDV as per BOOKs b) valuse shown in the insutance policy.
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