wealth tax....
This query is : Resolved
20 February 2010
is factory building should include as an asset while calculating net wealth.....?
Plz reply me as early as possible please
regards,
Deepak
Plz reply me as early as possible please
regards,
Deepak
20 February 2010
According to Wealth Tax Act, any building or land appurtenant thereto (hereinafter referred to as house),
> which the assessee may occupy for the purposes of any business or profession carried on by him;
> any property in the nature of commercial establishments or complexes;
is not considered as an asset.
So factory Building will not form part of the asset for Calculating wealth Tax.
> which the assessee may occupy for the purposes of any business or profession carried on by him;
> any property in the nature of commercial establishments or complexes;
is not considered as an asset.
So factory Building will not form part of the asset for Calculating wealth Tax.
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