Pranay Kothari (CA) (415 Points)
01 January 2009Suppose a person has some grams of gold of his parents bought some 25 yrs back which is not accounted for and shown in the balance sheet suppose his parents are now dead & now the son wants to show the gold purcased 25 yrs back is there any provision so as to he can show ita s wealth will he have to pay any tax f yes what percentage
CA Amit Jaiswal
(Finance Manager)
(2720 Points)
Replied 01 January 2009
you mean to say he inherited the gold from his father and now wants to use the same for purpose of business.
He can do this. Wealth tax will be attracted only if his assets exceed the maximum amount exempt from tax.
silky jain
(chartered accountant)
(167 Points)
Replied 01 January 2009
wealth tax is exemted till value of asset doesnot exceed 15 lacs.if person doesnot hav any other asset covered u/s2(ea) he will not be liable to tax.
CAclubindia
