05 May 2010
In wealth tax aircraft,boats,yachts are exempt if used for commercial purpose,and stock-in-trade by individual,company,and HUF. Thus,commercial purpose includes aircraft used by the employees and auditors of the company/individual. I am doing c.s.,in suggested guidelines of DECEMBER 2009 tax law paper valuation of aircraft is not included for individual. But in June 2005 valuation of boat is included. please help me.
05 May 2010
Individual is always taxable for aircrafts whether used by him or his employees. company is not taxable for aircrafts used by the employees
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