wealth tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 March 2010 commercial property on which no rent is receivable & also we are not doing any business activity over there then whether it is consider as assets chargable to wealth tax????

Rasesh

Rasesh (Expert)

19 March 2010 The assets chargeable to wealth tax are :-

Guest house, residential house, commercial building

Motor car

Jewellery, bullion, utensils of gold, silver etc

Yachts, boats and aircrafts

Urban land

Cash in hand(in excess of 50,000), only for Individual & HUF

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. 5,00,000).

The Assets exempt from Wealth tax are :-

Property held under a trust.

Interest of the assessee in the coparcenary property of a HUF of which he is a member.

Residential building of a former ruler.

Assets belonging to Indian repatriates.

One house or a part of house or a plot of land not exceeding 500sq.mts,for individual & HUF assessee.

If your commercial property can fit in the exempt category then it would not be chargeable to wealth tax.

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