Please help me solve this problem-wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2013 Compute the net wealth of R as on 31-3-13 for the assessment year 2013-14.The individual is engaged in the business of processing and selling gold and silver articles in India and outside India:

Bank Balance- Rs,4,30,000
Unaccounted Cash Balance- Rs. 70,000
Gold Articles Rs.25,00,000
Silver Jewellery Rs.14,00,000
Guest House Rs.35,00,000
Motor Cars Rs. 6,40,000
Factory Building Rs. 8,00,000

R has taken a loan of Rs.8,00,000 by mortgaging guest house for purchasing factory building.

CA Vijeta Verma

CA Vijeta Verma (Expert)
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17 August 2013 bank bal-not an asset
unaccounted cash-70000
gold & silver artciles-stock item,not assets
Guest house-3500000
motor car-640000
factory building-not asset & loan thereby is also disqualified
total wealth=4210000

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