An assessee owns a residential house and another house which is under construction. Whether the house under construction is includible under net wealth for the purpose of calculation of net wealth under the Wealth Tax Act, 1957 ?
CA.AZAD JAIN (CA) (201 Points)
19 December 2014An assessee owns a residential house and another house which is under construction. Whether the house under construction is includible under net wealth for the purpose of calculation of net wealth under the Wealth Tax Act, 1957 ?
Z
( )
(2960 Points)
Replied 19 December 2014
House under construction can not be said to be building, nor it can be referred to as land and therefore it is not covered under asset
Refer following judgements of High Court
Smt. Neena Jain 2010 [P&H]
Appolo Tyres Ltd (2010 or 2012)
CAclubindia
