Wealth tax

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Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 would dwelling house and office premises will form part of value of taxable asset

CA UMESH DULAL

CA UMESH DULAL (Expert)
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25 October 2013 one dwelling house is exempted

similarly if it is rented for not less than 300 days, it is exempted

as far as office premises is concerned, it is exempted

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 ofice premises is not used for business but it is given on rent

CA UMESH DULAL

CA UMESH DULAL (Expert)
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25 October 2013 commercial assets are exempted

CA Pallav Singhania

CA Pallav Singhania (Expert)
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25 October 2013 Agree with Expert,

The following will not be included in Assets :-

Any of the above if held as Stock in trade.

A house held for business or profession.

Any property in nature of commercial complex.

A house let out for more than 300 days in a year.

Gold deposit bond.

A residential house allotted by a Company to an employee, or an Officer, or a Whole Time Director ( Gross salary i.e. excluding perquisites and before Standard Deduction of such Employee, Officer, Director should be less than Rs. 10,00,000).

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 exepmtion is there onli if it used for own business and profession

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 dwelling house if it is let out then only be exempted and office premises it is given on rent and not used for business and profession by assessee himself will it be exempted?

CA Pallav Singhania

CA Pallav Singhania (Expert)
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25 October 2013 Given on rent for more than 300 days in a year then it will not be included in asset...

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 ok thanks and what about office premises????

CA Pallav Singhania

CA Pallav Singhania (Expert)
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25 October 2013 It will not be include in the definition of Asset as per wealth Tax....