Wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 December 2014
is interest free loan given by assesse to another person does it taken as loans and advances while calculation of wealth tax return
28 December 2014
Debts under section 2(m) of wealth tax means debts incurred for the purpose of acquiring any asset liable for wealth tax.
It doesn't whether or not loan have interest bearing character or not, but it should be used for acquiring asset liable for wealth tax under wealth tax act
It doesn't whether or not loan have interest bearing character or not, but it should be used for acquiring asset liable for wealth tax under wealth tax act
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2014
only non performing assests will come under wealth tax my question is whether interest free loan given to some one by us can be called as performing or non performing?
28 December 2014
There is no concept of preforming or non performing asset under wealth tax.
only six assets are covered under 2(ea) of wealth Tax.
1.Building
2. Motor Car
3. Jewellery
4. Motor car
5. Urban land and
6. Cash
if debts are directly linked with these assets then only deduction can possible
only six assets are covered under 2(ea) of wealth Tax.
1.Building
2. Motor Car
3. Jewellery
4. Motor car
5. Urban land and
6. Cash
if debts are directly linked with these assets then only deduction can possible
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