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
Ravikumar.G
(Expert)
19 November 2008
Live stock and deposits not an asset u/s 2(ea) for the WT purpose.
Ravikumar.G
(Expert)
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.
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