Whether a car used by an individual for the purpose of business is includible in the computation of net wealth under the Wealth Tax Act, 1957 ?
CA.AZAD JAIN (CA) (201 Points)
05 December 2014Whether a car used by an individual for the purpose of business is includible in the computation of net wealth under the Wealth Tax Act, 1957 ?
Z
( )
(2965 Points)
Replied 05 December 2014
S. 2(ea)"assets", in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year, means-
ii) motor cars (other than those used by the assessee in the business of running them on hire or as stock-in-trade)
Since it does not satisfies this condition it shall be an asset
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 05 December 2014
I thnik car is not used in the business of hiring and kept as stock in trade by a dealer.
so the car used in the business by an individual is an asset under the welath tax.
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