Wealth tax

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ankit (Querist)
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20 November 2011 is motor car used for business purpose treated as asset under wealth tax?with reason.

plzz reply soon....

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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20 November 2011 Motor car used for the purpose of business or personal use are assets in wealth tax act..except following

1. if such motor cars are used in the business of runing them on hire.

2. if such motor cars are held as stock in trade.

but in above case motor car will be assest in wealth tax act

ankit

ankit (Querist)
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20 November 2011 but it is generally being said that wealth tax is charged on unproductive assets,but using car in business is a productive use of asset.plzz xplain this concept.

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