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Q. > Please Help: Wealth Tax
Cash in hand as shown in balance sheet of Prporietory concern wil come in prwview of wealth tax or not.
3 Answers
answered Aug 28, 2011 by CA Manzurhasan J Shaikh , Mumbai
Dear Bireshwar,
If the Cash in Hand is in EXCESS of Rs.50,000/- , then Wealth Tax is applicable to Proprietary concern.
answered Sep 08, 2011 by Rohit Agarwal , KolkataM.C.
wealth tax is applicable only in case of individual, HUF and companies..
answered Mar 07, 2012 by Ketan Samdani , V V Nagar
Cash in hand in excess of Rs. 50000/- will be taxable asset under wealth tax.
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Comments
CA VIPIN GARG
27-Aug-2011 , 02:18:07 pmyes 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.
Gaurav Gupta
27-Aug-2011 , 03:16:29 pmif other than indi and huf then no indi and huf in excess of 50000
ca nitin
27-Aug-2011 , 06:38:37 pmdear if amount excess in above 50000 than applicable wealth tax
rajat bhatia
29-Aug-2011 , 09:29:27 pmin 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..