Wealth tax
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
24 April 2012
Our Pvt. Ltd. Company have paid in advance for two flats(seperately located in FY 2011-12. Flats is yet to be hand over to company as these are under construction.
Will these flats treated as an asset for wealth tax for AY 2012-13?
Will these flats treated as an asset for wealth tax for AY 2012-13?
CA PARAS BAFNA
(Expert)
24 April 2012
No, under construction flats are not treated as an asset under the Wealth Tax Act.
Ravi Kumar Rajgaria
(Querist)
24 April 2012
Thanks for quick response.
What will be the treatment when both the flats will handover to the company in this FY?
What will be the treatment when both the flats will handover to the company in this FY?
CA PARAS BAFNA
(Expert)
24 April 2012
If flats are given to the whole time directors, or whole time employees, drawing salary not exceeding Rs RS. 1000000/ p.a., then these will not be treated as asset.
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