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Building purchase

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01 March 2012 If a Pvt ltd company purchasing building for 50 Lakhs, whether 1) Land has to be accounted seperatly 2) whether wealth tax is applicable since the property value exceeding 30 Lakhs. Pls clarify. Thanks in advance
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CA.rajni kalsariya

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CA.rajni kalsariya (Expert)
01 March 2012 yes land can accounted separetly. if land is acquir for commercial purpuse than it is not consider for 2 year as a assets for wealth tax purpuse.if after 2 years land is not use as acommercial purpose than it can consider as a assets for wealth tax.
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