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?
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- SALARY CAN BE CAPITALIZE
- UDIN ISSUE
- TDS on purchase of under construction property from a reseller
- Non filing of I T Returns
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
