Coverage of building in wealth tax for the company
This query is : Open
23 April 2014
XYZ Ltd. is having a building which is used for its business and profession I want to know that whether that building will be considered in Wealth or not?
Rupesh Jain
(Expert)
23 April 2014
it is not covered as assets under wealth act see section
2(ea)(i)(3)
but take as WDV value for wealth tax.
2(ea)(i)(3)
but take as WDV value for wealth tax.
24 April 2014
Thank you sir,
but if it is not at all an asset then why we should determine value of that wealth according to your answer?
but if it is not at all an asset then why we should determine value of that wealth according to your answer?
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