Wheather "Jeep" is an asset u/s-2(ea) for Wealth Tax purpose?
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wealth tax
Replies (6)
Yes, Jeep will be included in motor car
tell me whether cash in books of prop. business will be incl. in wealth of Prop.
Any amount above Rs.50,000 shall be included
For Individual & HUF amount more than Rs.50,000/- is taxable, and for Company the cash which is not recorded in the Books of Accounts is Taxable.
What about cash in a proprietors' books of a/c. This cash ia an asset of Prop. or not as shown in books of accounts
The cash shown in Balance sheet of the proprietor's business is taxable with a Limit of Rs. 50,000/-
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