hello, everyone solve this out for me.
compute the net wealth of rajan, a resident individual , as on 31 march,2010 from following
1. he has a house property at delhi valued at rs. 20,00,000 used for business purposes.
2 .vehicles for personal use- motor car : rs. 8,40,000 , motor van - 4,50,000 and jeep - rs. 3,54,000
3. cash in hand - 3,50,000
4. jewellery - 15,60,000 and
he had transferred an urban house plot in feb,2010 in favour of his niece, which was not revocable during her life time. his niece died on 14 march,2010 and rajan could get the title of plot retransferred to his name on 15 march,2010. market value of house plot as on 31 march,2010 is rs. 14,10,000.
CAclubindia
