Wealth tax
This query is : Resolved
02 January 2013
sir,
if building is under construction on industrial plot...
can we claim deduction of loan outstanding on account of construction of building???
if building is under construction on industrial plot...
can we claim deduction of loan outstanding on account of construction of building???
CA PARAS BAFNA
(Expert)
02 January 2013
IF UNDER CONSTRUCTION BUILDING IS AN ASSET UNDER THE WEALTH TAX ACT, THEN YOU CAN CLAIM DEBTS OWED AGAINST IT. OTHERWISE NOT. TO MY VIEW, PLOT IS AN ASSET IN SOME CASES BUT UNDER CONSTRUCTION BUILDING INCLUDING THE PLOT IS NOT TREATED AS AN ASSET .
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02 January 2013
ok sir..
if mr.A accquire industrial plot on 01.01.2008. construction of factory is started on 30.06.2008 and is completed on 31.12.2011.
now, for the valuation date 31.03.2008 & 31.03.2009 land including building under construction is exempt(exemption availabe upto 2 years)
is plot of land is taxable as on 31.03.2010??(as construction not completed)
if mr.A accquire industrial plot on 01.01.2008. construction of factory is started on 30.06.2008 and is completed on 31.12.2011.
now, for the valuation date 31.03.2008 & 31.03.2009 land including building under construction is exempt(exemption availabe upto 2 years)
is plot of land is taxable as on 31.03.2010??(as construction not completed)
CA PARAS BAFNA
(Expert)
02 January 2013
When construction work starts on a plot , for W T purpose plot will lose its identity and will not be treated as an asset.
.
.
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