Wealth Tax
This query is : Open
25 November 2009
How will the following be assessed under wealth tax act ?
1. Equity shares in a private company(eg.Rs.800000).
2. Share Application money paid to an indian company (eg. Rs.200000).
3. Interest free Loan given to a private company (Rs.500000).
4.Motor vehicles (other than cars) used in the grocery business including motor cycles (eg. Rs.600000).
1. Equity shares in a private company(eg.Rs.800000).
2. Share Application money paid to an indian company (eg. Rs.200000).
3. Interest free Loan given to a private company (Rs.500000).
4.Motor vehicles (other than cars) used in the grocery business including motor cycles (eg. Rs.600000).
26 November 2009
All these item are not assets u/s 2(ea) of wealth tax act
26 November 2009
Agree
26 November 2009
Agree
26 November 2009
agree
26 November 2009
I'm still doubtful about motor vehicles because I have read in some books that 'motor car includes all motor vehicles excluding heavy vehicles'.
26 November 2009
26 November 2009
MOTOR CAR EXEMPT BECOUSE ITS USED FOR THE PURPOSE OF BUSINESS.
27 November 2009
Could you please mention the section that specifies the exemption of 'motor car used in business'
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