Wealth tax
This query is : Resolved
31 May 2008
As per wealth tax act Sec 4.Net wealth to include certain assets.
(1) In computing the net wealth---
(a) of an individual, there shall be included as belonging to that individual the value of assets which on the valuation date are held---
(i) --------
(ii) by a minor child, not being a minor child suffering from any disability of the nature specified in section 80U of the Income-tax Act, or a married daughter, of such individual, or
-----
Kindly clarify , if minor holds land or building whether the same is exempted u/s 5(vi) in addition to land or building owned by the individual.
(1) In computing the net wealth---
(a) of an individual, there shall be included as belonging to that individual the value of assets which on the valuation date are held---
(i) --------
(ii) by a minor child, not being a minor child suffering from any disability of the nature specified in section 80U of the Income-tax Act, or a married daughter, of such individual, or
-----
Kindly clarify , if minor holds land or building whether the same is exempted u/s 5(vi) in addition to land or building owned by the individual.
01 June 2008
hi !
as per sec 5(vi) of the wealth tax act, any one house or land is allowed as deduction either hold by parents or child
any one!
as per sec 5(vi) of the wealth tax act, any one house or land is allowed as deduction either hold by parents or child
any one!
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