Inclusion for wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2011
A company owns , a land and manresidential units are built on it. It gives these flats to its employees at very nominal rate-say RS 500. The salary of many of the resident employees are more than Rs. 5 lacs. What is the status of these flats for wealth tax purpose?
A company owns , a land and manresidential units are built on it. It gives these flats to its employees at very nominal rate-say RS 500. The salary of many of the resident employees are more than Rs. 5 lacs. What is the status of these flats for wealth tax purpose?
CA PARAS BAFNA
(Expert)
09 August 2011
For a company assessee the word allotted
does not mean "rent free".
So in my view since it is allotted to the employees drawing 500000 or more salary it is an asset U/s 2(ea)(i).
does not mean "rent free".
So in my view since it is allotted to the employees drawing 500000 or more salary it is an asset U/s 2(ea)(i).
09 August 2011
Flats taken in stock for re-sale purpose are exempted other wise I agree with the expert
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