19 March 2008
For the purpose of wealth tax, the term "motor cars" includes vehicles such as jeeps. Here again, cars held as stock-in-trade and those used in the car-hiring business are not chargeable to tax. The valuation of a car that attracts wealth tax is done on the basis of the market price of the cars. An indicator of the market value could be the value for which the car is insured.
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