17 August 2011
a company purchased motor car on LOAN , i want to know that whether such asset comes in purview of wealth tax . please provide section refernce
17 August 2011
Yes the asset will come under the perview of wealth tax under the definition of section 2(ea)except - a)if the motor car is being used by the assessee in the business of running them on hire or b)car treated as stock in trade.
from the aggregate of asset debt owed by the assessee as on valuation date will be deducted (in your case o/s amount of car loan).
CAclubindia
