Please Help: Wealth Tax
Posted Date : 27-Aug-2011 , 01:09:09 pm | Posted By: Bireshwar Kumar
Category :
Income Tax | Answers :
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Comments :
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Cash in hand as shown in balance sheet of Prporietory concern wil come in prwview of wealth tax or not. |
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Answers:
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 Answer by: CA Manzurhasan J Shaikh |
| Dear Bireshwar,
If the Cash in Hand is in EXCESS of Rs.50,000/- , then Wealth Tax is applicable to Proprietary concern.
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| Answer by: Rohit Agarwal |
| wealth tax is applicable only in case of individual, HUF and companies..
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| Answer by: Ketan Samdani |
| Cash in hand in excess of Rs. 50000/- will be taxable asset under wealth tax.
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| Comments |
| Posted By : Rajat Bhatia |
29-Aug-2011, 09:29:27 |
| in case of individual & HUF, cash in balance sheet in excess of Rs 50000 will be taken for wealth tax calculation. in case of an assessee other than individual & HUF, cash not accounted for in the books (ie. unaccounted) is taken for wealth tax calculation.. |
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| Posted By : Ca Nitin |
27-Aug-2011, 06:38:37 |
| dear if amount excess in above 50000 than applicable wealth tax
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| Posted By : Gaurav Gupta |
27-Aug-2011, 03:16:29 |
| if other than indi and huf then no
indi and huf in excess of 50000 |
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| Posted By : CA VIPIN GARG |
27-Aug-2011, 02:18:07 |
| yes it will come under the purview of wealth tax act but it is to be considered as an asset only if it is in excess of Rs. 50000. |
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