Wealth Tax
This query is : Resolved
19 November 2008
1.Whether Live stock and deposits are included in computing net wealth.
2.Whether besides on residential property one house/part of house/plot of land belonging to an individual is exempt from wealth tax
2.Whether besides on residential property one house/part of house/plot of land belonging to an individual is exempt from wealth tax
19 November 2008
Live stock and deposits not an asset u/s 2(ea) for the WT purpose.
19 November 2008
Exemption as per sec 5(vi) in WT -
Individual / HUF : One house or part of a house or a plot of land not exceeding 500 sq.m . (Therefore, no exemption w.r.t part of a plot of land)
Individual / HUF : One house or part of a house or a plot of land not exceeding 500 sq.m . (Therefore, no exemption w.r.t part of a plot of land)
21 November 2008
Thanks
Can I get the clarification whether Loans and Advances and Investment included in Wealth and Loans(Secured & Unsecured) deducted to get net wealth.
Can I get the clarification whether Loans and Advances and Investment included in Wealth and Loans(Secured & Unsecured) deducted to get net wealth.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- EXPORT COMMERCIAL INVOICE HSN CODE
- LIC maturity claim whether taxable
- Journal entry of busniess expenses
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
