CCI Online Learning
What do you want to learn today?

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Urban Land in wealth tax

This query is : Resolved 

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.

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.

Please help me on my speific problem u r giving IT provisions which every one can read from the Book

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

Similar Resolved Queries :

Trending Tags
eway bill
aatmanirbhar bharat
tin nsdl
ca exams may 2020
pm cares fund
gstr 9
ca exams
gst return
income tax
companies act 2013
Union Budget
GST Live Class