under wealth tax act defination of asset
This query is : Resolved
09 May 2009
to consider a land to be a asset of assessee, what all required?
In my case the assessee doesnot hold the land in his name, can that land is a asset of the assessee?
In my case the assessee doesnot hold the land in his name, can that land is a asset of the assessee?
CA PARAS BAFNA
(Expert)
10 May 2009
The ownership of the asset on the valuation date(VD) is one of the most important criteria to consider an urban land to be an asset u/s2(ea)of WT Act. However, in case the assessee has transferred the land without adequate consideration to his spouse, minor child, son's wife then it will be considered as an asset in assessee's hand eventhough he may not be the owner on VD. The specific answer may be given after knowing the facts only.
11 May 2009
the applicant has a loan on the property acquired, until the loan repays the applicant will not have the rights on the property. May qurey is during that period of repayment can the property be treated as asset of the applicant
10 May 2012
In that case, the assessee shall be treated as the owner of the land and the land shall be included in the total income of the assessee.
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