Wealth tax
This query is : Resolved
20 November 2011
is motor car used for business purpose treated as asset under wealth tax?with reason.
plzz reply soon....
plzz reply soon....
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
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
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.
21 November 2011
kindly escape what is generally said. You have to read and interpret the law. whatever is written by vishal is correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Import license renewal
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
