Query about wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 Is it necessary to show in ITR as Stock in Trade under the Head Income from House Property ( the Assessee is not in a business of buying and selling of house and the Assessee is an Non Resident)to claim Exemption in Wealth Tax under section 2 of wealth Tax Act

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 there is no connection of stock in trade if assessee is not doing this business and onlyy 1 hp is exempted from wealth tax

Amol S Joglekar

Amol S Joglekar (Expert)
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03 December 2014 No need AT ALL to show it as STOCK IN TRADE, when it NOT a stock in trade

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 and only if the new assests exceeds rs 30 lakhs then only file wealth tax return

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 But as per section 22 of I.T. Act House Property can be Consider as Stock in Trade under Income from House Property

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 December 2014 do u understand what is stock in trade?

it means whatever business u doing and such goods remains unsold on last day of business is closing stock in trade.

u clearly said that its person is not in such business.

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 But section 22 is a charging section of House property and is clearly shows that proprty held as stock in trade ; annual value of the same will be charged under the head income from house property

Amol S Joglekar

Amol S Joglekar (Expert)
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03 December 2014 YES, my dear,
22 says....IF
aRE YOU HOLDING IT AS stock in trade?

AND ANSWER IS no, i AM not HOLDING IT AS stock in trade.

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2014 Is there is any place in ITR 2 for showing Stock in Trade while computing income from House Property?

Amol S Joglekar

Amol S Joglekar (Expert)
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12 December 2014 Let me know once you are through with it.

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2014 Yes ITR is already filed

Amol S Joglekar

Amol S Joglekar (Expert)
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13 December 2014 Ok. Congratulations! Now what is your difficulty?

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2014 i m asking this question coz nw i hv to file Wealth Tax return of the same party

Amol S Joglekar

Amol S Joglekar (Expert)
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13 December 2014 You can file the same. One house property is exempt....no any question of STOCK in trade.

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2014 if the person has more than 1 house property and does not want to pay wealth Tax then he can show property except 1 used for residential purpose as stock in trade under income from house property and get exemption from wealth tax as wealth is not applicable in stock in trade

Amol S Joglekar

Amol S Joglekar (Expert)
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13 December 2014 But then it will be regarded as DUBIOUS tax practice. Please dont get involved in any such practice which might seem to be TAX saving in imediate run, but may land into trouble in the long run.

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