Wealth tax liability, Other Topics

[Vikas Aggarwal]

Dear all,

Can you please suggest me in the following issue:-

An individual run a proprietorship business and having liable to tax audit, on 31.3.2012 in his audited balance sheet show cash of Rs. 2,50,000/- is this cash liable for Wealth tax, this cash is a normal course of business activity & totally use in the business of the individual (This cash is a productive asset)

Can there is any judgement to exempt this excess cash for liable to wealth tax.

 

regards,

CA Vikas Aggarwal

 

Posts / Replies

[CA GOPALJI AGRAWAL]

Keeping in view that your taxable wealth exceeds the limit of Rs. 30.00 lac from other assets, cash in excess of 50K would be taxable in case of individual.