A car costs more than Rs.2,50,000/-. The exumption limit for wealth tax is Rs.2,50,000/-. So will there be a need to pay wealth tax ....? and file its return...?
3 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 03 April 2011
If the car is used for personal use, then no need to pay Wealth Tax on it, also no need to file Wealth Tax Return.
Regards,
Devendra K
mahesh
(Will soon be a CA !)
(168 Points)
Replied 04 April 2011
Thnx Devendra. Can u share a file which gives some basic insight on wealth tax.It would be very helpfull ?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 04 April 2011
Please check the link below. It might help you.
/articles/wealth-tax-at-a-glance-3848.asp
Regards,
Devendra Kulkarni
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