Wealth tax
This query is : Resolved
13 July 2013
Dear sir,
I have found on Return under Wealth Tax where the person has adjusted debts owed against other asset the details are as follows.
Motor Car (Sch. III Value ) 500000
Loan taken For purchase of Motor Car 700000
Jewelry (FMV) 500000
Net Wealth Calculated is 300000
ie. (500000-700000)+ 500000
Whether the contention of person is correct or not ?
Please Guide.
I have found on Return under Wealth Tax where the person has adjusted debts owed against other asset the details are as follows.
Motor Car (Sch. III Value ) 500000
Loan taken For purchase of Motor Car 700000
Jewelry (FMV) 500000
Net Wealth Calculated is 300000
ie. (500000-700000)+ 500000
Whether the contention of person is correct or not ?
Please Guide.
17 April 2017
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