CA Rachit Agrawal (CA Practice) (400 Points)
15 February 2012please calculate the net wealth...please show the method also...
The individual is engaged in the business of processing and selling of gold and silver articles and ornaments in india and outside india...
bank balance 430000/=
unaccounted cash balance 70000/=
gold articles 2500000/=
jwellery made of silver 1400000/=
guest house 3500000/=
motars car 640000/=
factory building 800000/=
Individual has taken a loan of rs. 800000 by mortgaging guest house for purchasing factory building.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 15 February 2012
Unaccounted cash balance = 20,000 (in excess of 50,000) and Motor car will be assets chargeable to WT. Give details of factory building and guest house like location etc to determine taxability or qualify for exemption under section 2 (ea) of the WT Act 1957.
Regards,
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 15 February 2012
Unaccounted cash balance = 20,000 (in excess of 50,000) and Motor car will be assets chargeable to WT. Give details of factory building and guest house like location etc to determine taxability or qualify for exemption under section 2 (ea) of the WT Act 1957.
Regards,
CA Rachit Agrawal
(CA Practice)
(400 Points)
Replied 15 February 2012
No other details are given there..
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