wealth tax

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This query is : Resolved

R. Soumyanarayanan (Querist)

23 October 2008 R. 14 (2)(c) of Schedule III to wealth tax Act reads as follows:

"the value of an asset not disclosed in the balance-sheet shall be taken to be the value determined in accordance with the provisions of this Schedule as applicable to that asset"

Doubt:

i cant contemplate an asset which is not disclosed in the Balance sheet.

can u help me? Please.

Another doubt:

S. 2 (ea) of the wealth tax Act defines the term asset. It is an exhaustive definition, since it uses the word 'means'.
Life interest is not covered there.

Then what is the need for R. 17 of Schedule III of wealth tax Act.

This rule talks about the procedure for valuation of life interest.

please provide me knowledge in these areas.

R.Soumyanarayanan FCA Grad CWA.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

06 November 2008 1)The idea is any asset which was omitted in the balance sheet can not escape assessment by reason of their omission whether by ignorance or deliberate action.

2) 'Means' means under the Wealth tax act. Assets not mentioned are not assets.

R. Soumyanarayanan

R. Soumyanarayanan (Querist)

12 November 2008 sir u have not discussed about life interest.is it an asset as per wealth tax act? if not, then what is the need for R. 17. please reply this.

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