Reg: wealth tax
This query is : Resolved
Gayathri Devi
(Querist)
19 March 2008
Is motor car used for business & not as stock in trade & for hiring is chargable to wealth tax as per wealth tax act
Please its urgent reply me soon
Please its urgent reply me soon
CA. Amit Daga
(Expert)
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.
19 March 2008
IF MOTOR CAR IS USED AS STOCK IN TRADE OR FOR THE PURPOSE OF RUNNING THEM ON HIRE IT DOES NOT ATTRACT WEALTH TAX
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