Wealth tax- Foreign exchange currency

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Trainee
230 Points Joined November 2010

Dear Friends,

Can anyone please explain me the treatment of foreign exchange currency in hand as on 31st March for the purpose of calculating the wealth tax.

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On 13 June 2011 at 09:42 Report
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convert it into indian currency by applying average of buying and selling rate published by RBI as on 31-3. If ind/HUF : First Rs. 50,000 not taxable balance taxable. If company : Amount not recorded in books of account taxable
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On 13 June 2011 at 10:01
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CA IN PRACTICE
16719 Points Joined May 2011
agree with kaushal sir
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On 13 June 2011 at 13:52

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