Urban Land in wealth tax
This query is : Resolved
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.
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.
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.
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.
27 September 2008
Please help me on my speific problem u r giving IT provisions which every one can read from the Book
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
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
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Scrutiny assessments u/s 143(2) for AY 25-26
- Capital Gain on EUITY Shares
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
