under wealth tax act defination of asset

This query is : Resolved

Manjusha (Querist)
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09 May 2009 to consider a land to be a asset of assessee, what all required?

In my case the assessee doesnot hold the land in his name, can that land is a asset of the assessee?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 May 2009 The ownership of the asset on the valuation date(VD) is one of the most important criteria to consider an urban land to be an asset u/s2(ea)of WT Act. However, in case the assessee has transferred the land without adequate consideration to his spouse, minor child, son's wife then it will be considered as an asset in assessee's hand eventhough he may not be the owner on VD. The specific answer may be given after knowing the facts only.

Manjusha

Manjusha (Querist)
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11 May 2009 the applicant has a loan on the property acquired, until the loan repays the applicant will not have the rights on the property. May qurey is during that period of repayment can the property be treated as asset of the applicant