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Wealth tax = commerical property

Bimal Mehta (Senior Accountant & finance managerial) (180 Points)

04 September 2014

Pvt ltd hold 4 Commerical property and this property hasbeen given on Rent .

Whether this property will be under wealth tax act .

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5 Replies

Gagan Deep Singh (CHARTERED ACCOUNTANT) (1190 Points)
Replied 04 September 2014

It will become taxable under Wealth tax becoz the said properties has not been used for business purpose.

CA Prashant Gupta (DGM (F & A)) (14068 Points)
Replied 04 September 2014

I think below article can help you

https://taxauthority.blogspot.in/2014/08/blog-post.H T M L

Bimal Mehta (Senior Accountant & finance managerial) (180 Points)
Replied 05 September 2014

Originally posted by : Gagan Deep Singh
	It will become taxable under Wealth tax becoz the said properties has not been used for business purpose.

But as per wealth tax act asset other than asset specified in section 2(ea) are outside purview of wealth tax , in this they says : "any property in the nature of commercial establishments or complexes" Means all 4 property will be exempted from wealth tax ????