Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2013 Dear Sir/ Madam,

I am owner of a Proprietary Firm and make Balance Sheet for the Firm only.

As per Firm balance sheet I have Capital account balance of 2crores as on 31.3.13

So for wealth tax purpose how I will calculate the tax specially for Cash balance and Car as those are owned by firm only.

Pls. suggest.

Regards
Goutam

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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30 December 2013 Proprietary firm does not have any separate legal entity. Hence all the assets and liabilities of the firm will be considered for calculation of wealth tax liability.