TaxTMI 
TaxTMI 
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?
Wealth Tax
NABIN AGARWAL
Use Fair Market Value for Motor Vehicles in Wealth Tax Calculation, Not WDV from Companies or Income Tax Act. In a discussion forum about wealth tax, a participant inquired about which value to consider for motor vehicles when calculating wealth tax: the Written Down Value (WDV) as per the Companies Act or the WDV as per the Income Tax Act. A response from a chartered accountant clarified that the fair market value should be used for this purpose. (AI Summary)