Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2011 respected sir

if a proprietor has factory building, machinary,cars & other goods vehicle,stock & cash of 500000 in his concern(business),

above which property is liable for wealth tax?
what limit for wealth tax

kindly guide me

thanking you

Preety Parik

Preety Parik (Expert)
Follow

20 August 2011 See the definition of Asset under wealth Tax Act Sec.2(ea), Asset does not include:-
1. Building used for purpose of business
2. Vehicle, Machinery used for business
3. Stock in Trade
Accordingly all the Assets mentioned in the querry are not subject to wealth tax. Also cash employed in business is not subject to wealth tax.

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2011 thanking you

Upgrade to CAclubindia Pro. Subscribe Now!