Wealth tax
This query is : Resolved
CA Shripad Deshpande
(Querist)
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
CA.Sourabh Sethia
(Expert)
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
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