wealth tax

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)
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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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