Wealth tax
This query is : Resolved
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?
24 April 2012
No, under construction flats are not treated as an asset under the Wealth Tax Act.
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?
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.
.
.
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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
