Wealth tax doubt
This query is : Resolved
24 December 2012
sir,
if I purchase one office as investment in commercial complex then is it covered with in a defination of asset to be taxed under wealth tax act??
its office only and not let out property also but i did not found in the wealth tax act clearly about this . whether it would be part of Asset or not and also not found a part of exempt asset. is there any case law or circular like for this.??
kindly share ur knowledge about this matter.
thanking you in advance.
if I purchase one office as investment in commercial complex then is it covered with in a defination of asset to be taxed under wealth tax act??
its office only and not let out property also but i did not found in the wealth tax act clearly about this . whether it would be part of Asset or not and also not found a part of exempt asset. is there any case law or circular like for this.??
kindly share ur knowledge about this matter.
thanking you in advance.
24 December 2012
If you let it out for more than 300 days in a year then it is not covered other wise it is covered.
You are not the owner of the commercial complex and not exempt from service tax
You are not the owner of the commercial complex and not exempt from service tax
24 December 2012
thank you amitji,
but its office only and not let out property also but i did not found in the wealth tax act clearly about this .
whether it would be part of Asset or not and also not found a part of exempt asset.
is there any case law or circular like for this.??
but its office only and not let out property also but i did not found in the wealth tax act clearly about this .
whether it would be part of Asset or not and also not found a part of exempt asset.
is there any case law or circular like for this.??
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24 December 2012
Dear, if it is occupied for the purposes of any business or profession carried on by you then it is not asset and no wealth tax-section 2(ea)
24 December 2012
hmm okk amitji..
thanks
actually , i also find that way.
but no clarification about that if you keep any such property for investment then it would be taxable or not.
thanks
actually , i also find that way.
but no clarification about that if you keep any such property for investment then it would be taxable or not.
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25 December 2012
Actually, one of my sin ear has solve the doubt.
as per her its kind of commercial establishment and that's why it is not a taxable asset.
as per her its kind of commercial establishment and that's why it is not a taxable asset.
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