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Wealth Tax

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(Querist)
01 December 2008 I purchased a Motor Car Rs. 4 lacs on 1.4.2007 for my personal use. I have taken this amount F.Y.07-08 for the calculation of Wealth Tax. do I have to take this same amount(Rs. 4 lacs) next all F.Y. till dispose of car for Calculation of Wealth Tax of Individual?
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Taxguy

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Taxguy (Expert)
01 December 2008 It depreciates know, so take the depreciated amount.
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Prakash

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Prakash (Querist)
01 December 2008 can I take depreciate amount in individual ?
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Tarun Gupta

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Tarun Gupta (Expert)
01 December 2008 it should be market value as on valuation date.

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