wealth tax query

This query is : Resolved

deepak (Querist)
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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

CA.SHAHZAD SAYYED

CA.SHAHZAD SAYYED (Expert)
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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