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Wealth tax

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(Querist)
06 November 2013
What is the treatment of an Land purchased on credit under wealth tax?


Thanking You
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
06 November 2013 Wealth tax is chargeable on the assets specified in S. 2(ea) of the Wealth-tax Act. One of such assets is an ‘urban land’, which has been defined in Explanation 1(b) of the said Section.

However, No wealth tax if its an agricultural land...
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SATHEESH

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SATHEESH (Querist)
06 November 2013 Thank You Sir.

An asset which taxable is purchased on credit. Whether such credit is deductible for calculating net wealth or not?



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CA. Gireesh Tawri

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CA. Gireesh Tawri (Expert)
06 November 2013 Yes, All debt relating to acquisition of Taxable asset are deductiable.
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SATHEESH

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SATHEESH (Querist)
06 November 2013 Thank You Sir.

Can you substantiate with any case law or any such explanations.
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SATHEESH

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SATHEESH (Querist)
07 November 2013 Thank You Sir.

Can you substantiate with any case law or any such explanations.

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