Wealth tax comp. method on motor car

This query is : Resolved

Sachin Sharma (Querist)
Follow

12 November 2014 Hello, can anyone please tell what is the method to be used for computation of wealth tax on motor cars used for business purpose. Whether it should be WDV on the valuation date as per Rule 14 or fair value as per Rule 20.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

12 November 2014 Rule 14 refers to the assets used in the BUSINESS. Rule 20 is the residuary. So? If the cars are used in the business...the WDV shall be taken as per rule 14