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applicability of wealth tax

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20 July 2009 whether wealth tax is applicable for company vehicles which are in fixed assets? If applicable the tax is on WDV (as per IT Act) or on company's net value?
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
21 July 2009 Yes it is WDV as per IT Act; you can deduct the balance outstanding on corresponding vehicle loan, if any.

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