Wealth tax
This query is : Resolved
26 April 2012
Facts of the case
In my company two person are working Mr.A and Mr. B and both have gross salary of 1000000/- and both are living in quarter of Company.
Mr.A is living in Bachelor quarter, also gettnig HRA and his monthly deduction for this quarter is Rs 25/- per month.
Mr.B is living in Family quarter, NOT GETTING HRA and his monthly deduction for this quarter is Rs 300/- per month.
Doubts
1.Whether the value of both the quarters are to be considered for Wealth tax purpose?
2.Whether quarter given to Mr.B is to considered as let out and quarter given to Mr. A is to considered as allotted?
In my company two person are working Mr.A and Mr. B and both have gross salary of 1000000/- and both are living in quarter of Company.
Mr.A is living in Bachelor quarter, also gettnig HRA and his monthly deduction for this quarter is Rs 25/- per month.
Mr.B is living in Family quarter, NOT GETTING HRA and his monthly deduction for this quarter is Rs 300/- per month.
Doubts
1.Whether the value of both the quarters are to be considered for Wealth tax purpose?
2.Whether quarter given to Mr.B is to considered as let out and quarter given to Mr. A is to considered as allotted?
28 April 2012
According to sec. 2(ea) of Wealth Tax act if a company alloted any house to its whole time employee for residential purpose whose gross salary is less than 5 p.a. then company is not required to pay the wealth tax on such HOUSE. But in the given case both the house will be considered as an asset of the company and hence wealth tax is required to pay by the company as gross salary of employee is more than 5lac p.a.
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You can call me for further information on my cell 99241 95661.
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