Wealth Tax

[NABIN AGARWAL]

In calculating Wealth Tax, which value we should consider in case of motor vehicles i.e. WDV as per Companies Act or WDV asper Income Tax Act? Please refer any rule for confirmation?

[CAGOPALJI AGRAWAL]

The fair market value would be taken for this purpose,

AI Summary

Fair market value governs motor vehicle valuation for wealth tax, rather than WDV under company or income tax accounting. The operative valuation principle for assessing motor vehicles for wealth tax is fair market value, rather than accounting Written Down Value metrics derived from company or income tax depreciation regimes; the fair market value at the relevant assessment date should be used as the taxable base.