wealth tax on inherited property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2010 Does inherited property also forms part of assets of the assessee and assessable of wealth tax?

Any case laws or rules exempt such?

Ajay Mishra

Ajay Mishra (Expert)
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02 November 2010 Hi

I think, it will cover under wealth tax...

The assets liable to wealth tax as per the definition given in section 2(ea) of the Wealth Tax Act are as under :
(1) Any building or land appurtenant thereto which shall include :
i. commercial buildings;
ii. residential buildings;
iii. any guest house;
iv. a farm house situated within 25 kilometres from the local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board.
However, the following buildings will not be included to assets:
i. a house meant for residential purposes which is allotted by a company to an employee or an officer or a director who is in whole time employment, having a gross annual salary of less than Rs. 5,00,000/-.
ii. any house for residential or commercial purposes which forms part of stock-in-trade;
iii. any house which the assessee may occupy for the purposes of any business of profession carried on by him.
The following buildings shall also not be an asset w.e.f. A.Y. 1999-2000:

Regards

taxindiaconnect

taxindiaconnect (Expert)
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02 November 2010 It will as per above rules as mentioned by Ajay

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