An Indian repatriate came to India on 1st October, 2014. Out of the balance in his non-resident external account (NREA) of ₹20 lakh, he purchased a car for ₹15 lakh. What would be tax treatment under the Wealth-tax Act,
CS Executive · Tax Laws and Practice · PYQS · June 2015
An Indian repatriate came to India on 1st October, 2014. Out of the balance in his non-resident external account (NREA) of ₹20 lakh, he purchased a car for ₹15 lakh. What would be tax treatment under the Wealth-tax Act, 1957
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Wealth Tax
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