Wealth tax

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Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2012 Respected Sir and friends ,
Should we take house property for wealth tax file

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 July 2012 Guest house, residential house or commercial building - The following are treated as “assets” - (a) Any building or land appurtenant thereto whether used for commercial or residential purposes or for the purpose of guest house (b) A farm house situated within 25 kilometers from the local limits of any municipality (whether known as a municipality, municipal corporation, or by any other name) or a cantonment board [Section 2(ea)(i)]
A residential house is not asset, if it is meant exclusively for residential purposes of employee who is in whole-time employment and the gross annual salary of such employee, officer or director is less than Rs. 5,00,000.
Any house (may be residential house or used for commercial purposes) which forms part of stock-in-trade of the assessee is not treated as “asset”.
Any house which the assessee may occupy for the purposes of any business or profession carried on by him is not treated as “asset”.
A residential property which is let out for a minimum period of 300 days in the previous year is not treated as an “asset”.
Any property in the nature of commercial establishments or complex is not treated as an “asset”.

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2012 Thanks a lot sir

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