Wealth tax
This query is : Resolved
13 July 2013
wealth tax is calculated as on valuation date but if i am selling motor car to my friend as on 30/03/2013 i.e on one before valuation date to my friend for escaping from wealth tax.but as on 02/04/2013 he resale to me the same car. what will situation arise as per income tax and wealth tax point of view????
13 July 2013
AS PER INCOME TAX IT WILL BE EITHER SHORT /LONG TERM CAPITAL GAIN DEPENDING ON THE PERIOD OF HOLDING OF CAR FOR FY 12-13.
FOR WEALTH TAX CAR IS NOT THERE ON VALUATION DATE HENCE NOT TAXABLE.
FOR WEALTH TAX CAR IS NOT THERE ON VALUATION DATE HENCE NOT TAXABLE.
13 July 2013
Car used for personal purpose is not capital asset as per income tax. Hence question of Capital gain or loss does not arise on it.
13 July 2013
IN THE QUESTION ITS NOT MENTIONED WHETHER CAR IS USED FOR PERSONL ASSET OR NOT.
MY REPLY IS BASED ON ASSUMPTION THAT CAR IS USED FOR BUSINESS PURPOSE.
MY REPLY IS BASED ON ASSUMPTION THAT CAR IS USED FOR BUSINESS PURPOSE.
13 July 2013
my query is: can i take your suggestion for tax planning? then what benefit i can get.
13 July 2013
If u follow the advise then u need not pay wealth tax on car (if its taxable and used for busines)u will save at 1% of car value.
Further u can utilise this cash frm sale of car for showing exp of business n save tax.
if u repurchse it again after 2days on 1/4 then u can claim depreciation on car for more then 180 days in income tax act.
Further u can utilise this cash frm sale of car for showing exp of business n save tax.
if u repurchse it again after 2days on 1/4 then u can claim depreciation on car for more then 180 days in income tax act.
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