QUERY UNDER WEALTH TAX ACT
This query is : Resolved
23 June 2010
I HAV QUERY:
U/S 5(iii)THE RULER CAN CLAIM EXEMPTION I.R.T THE ONE BLDG WHICH IS DECLARED AS HIS OFFICIAL RESIDENCE MY Q IS WHAT IF HE IS CARRYING THE BUSINESS(i.e. MAY BE OF HOTEL)IN SAME BLDG OR A PALACE,WILL HE BE STILL EXEMPTED UNDER THIS SEC OR HE WILL BE ELIGBLE FOR EXEMPTION U/S 2 (ea)
U/S 5(iii)THE RULER CAN CLAIM EXEMPTION I.R.T THE ONE BLDG WHICH IS DECLARED AS HIS OFFICIAL RESIDENCE MY Q IS WHAT IF HE IS CARRYING THE BUSINESS(i.e. MAY BE OF HOTEL)IN SAME BLDG OR A PALACE,WILL HE BE STILL EXEMPTED UNDER THIS SEC OR HE WILL BE ELIGBLE FOR EXEMPTION U/S 2 (ea)
09 June 2011
Dear Darshita,
In your case said Assets should be treated as sec 2 assests. and by scope of sec 2 it shall not be considered as a assets for the wealth tax purpose.
With Regards,
In your case said Assets should be treated as sec 2 assests. and by scope of sec 2 it shall not be considered as a assets for the wealth tax purpose.
With Regards,
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