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Please Help: Wealth Tax

Posted Date : 26-Jul-2012 , 11:42:52 pm | Posted By: CA Vivek Gupta

Category : Income Tax | Answers : 0| Comments : 1| Hits: 256

Dear Friends, My company taken Loan form bank for power project and company having wdv of motor car Rs. 45,00,000, so my question whether loan taken for project is cover under "debts own' by assesses for the purpose Car valuation under wealth tax act as prorata base. If yes then how to compute my wealth regarding car

Comments
Posted By : CA Vikas Maheshwari 27-Jul-2012, 01:37:13
No, loan taken for power project cannot be deducted from the WDV if car. As only debts related to taken for assets which are included in the wealth of the assesse are eligible for deduction.
 

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