Urban Land in wealth tax

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Manisha (Querist)
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25 September 2008 1.Vacant urban Land purchased before 1960 is chargeable under wealth tax act or not

2.If a manufaturing company having a colony developed in their factory's campus and around 50% land is vacant alongwith constructed employee's houses, garden and school etc.

Whether it is treated as urban land or not and what about gardens etc.

Ravikumar.G

Ravikumar.G (Expert)
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25 September 2008 The followings are Asset Excludes u/s 2(ea) of the wealth tax act:
1) Urban land on which construction of a building is not permissible under any law.
2) Land occupied by any building constructed with the approval of appropriate authority.
3) Land held for industrial purposes for a period of 2 years from the date of acquisition.
4) Land held by the assessee as stock in trade for a period of 10 years from date of acquisition.

Manisha

Manisha (Querist)
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27 September 2008 Please help me on my speific problem u r giving IT provisions which every one can read from the Book

CMA Jitendra Singh

CMA Jitendra Singh (Expert)
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28 September 2008 In first case WT attracted and in second case said 50% vacant land may be for stock in trade storage space or parking space of trucks etc and used for business so exempt from WT

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