Wealth Tax

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This query is : Resolved

Rachana (Querist)

07 August 2010 X Owns a house property which is occupied by a Firm in which he is a partner for its business purpose?

Does this assets constitutes asset for Wealth Tax purpose?

Kindly guide me...

Thank you.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

07 August 2010 No this asset does not constitutes asset for Wealth Tax purpose. Because Any house which the assessee may occupy for the purposes of any business or profession carried on by him is not treated as “asset”.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

07 August 2010 agreed on that house propery use for business purpose its not treated as asset and not to be consitues for wealth tax.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

07 August 2010 RABINDRANATH DHAL case : Where a building owned by a person is made available to the partnership
firm in which he is a partner, for carrying on business, then it can be said that the building is being used
by the partner for the purposes of his business or profession. So that building is not an asset

VINOD ARORA

VINOD ARORA (Expert)

07 August 2010 Agreed with experts.

I believe Mr Gupta also wanted to say that this asset does not constitute asset, however probably by mistake he has written "No this asset does constitutes asset for Wealth Tax purpose"

Mr Gupta is requested to clarify.

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