Wealth tax

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Sumit (Querist)
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17 October 2013 An urban land has been purchased in the name of the company for residential purpose( to be given to the directors).
area- 350 sq mtrs.
year of purchase 2010

What will be the effect on wealth tax return of the company in accordance with Wealth Tax Act.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 October 2013 if directors are in whole time and earning upto 10 lakhs salary then this residential property shall not be included in definition of assets under wealth tax act 1957.

@VaibhavJ

@VaibhavJ (Expert)
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17 October 2013 Hi

Any construction complete don Land?

If yes then what suggested by Tusharbhai is correct else it is to be Taxed in Wealth Tax.

Thanks

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