Wealth tax
This query is : Resolved
30 June 2014
One of my friend has owned 3 houses.
1.first is self occupied and is in his name
2.Second house is jointly owned by the Him with his wife
3.Third house is owned jointly with the Father
Can anyone guide whether he has to file the Wealth Tax Return for the AY 2014-15?
Thank You in Advance
1.first is self occupied and is in his name
2.Second house is jointly owned by the Him with his wife
3.Third house is owned jointly with the Father
Can anyone guide whether he has to file the Wealth Tax Return for the AY 2014-15?
Thank You in Advance
30 June 2014
IF ON THE VALUATION DATE HIS NET WEALTH VALUE IS MORE THAN 30 LACS THEN HE IS REQUIRED TO FILE THE WEALTH TAX RETURN
VALUATION DATE IS 31.03.2014 FOR AY 2014-15
ASSETS AS PER WEALTH TAX ACT INCLUDES
1. BUILDING
2. MOTOR CAR
3. JEWELLERY
4. YACHTS BOATS & SHIPS
5. URBAN LAND
6. CASH IN EXCESS OF RS.50000/-
NET WEALTH = TOTAL ASSETS
ADD : CLUBBED ASSETS
LESS: EXEMPTION & DEBTS FOR ALL SUCH ASSETS INCLUDED
VALUATION DATE IS 31.03.2014 FOR AY 2014-15
ASSETS AS PER WEALTH TAX ACT INCLUDES
1. BUILDING
2. MOTOR CAR
3. JEWELLERY
4. YACHTS BOATS & SHIPS
5. URBAN LAND
6. CASH IN EXCESS OF RS.50000/-
NET WEALTH = TOTAL ASSETS
ADD : CLUBBED ASSETS
LESS: EXEMPTION & DEBTS FOR ALL SUCH ASSETS INCLUDED
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Tds on commission charges
- GST ITC REVERSE
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Applicability of GST on Salary Reimbursement Component
- Need Professional Opinion AY 2012-13 Old Demand
- Withdrawal in cash from partners capital account by partner
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- New GST registration for new place of business.
- Regarding Applicability of Tax Audit u/s 44AB
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
01 September 2026
Articles
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
CCI
Pro
CAclubindia
