04 January 2010
will Gold ornaments given as loan to other parties shall be treated as assets for the purpose of wealth tax computation. and will normal loan given to any party shall be treated as assets for the purpose of wealth tax computation
04 January 2010
Dear Deepak As per Sec 2(ea) Gold Ornament is an Assets so it's value is computed for welath tax liability since ownership is not transfered so it is computed in your hand only, 2) Normal Loan given as cash does not form asset, only hard cash form asset so no wealth tax on such loan
CAclubindia
