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
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
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.
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
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