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Wealth Tax on Office Premises

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(Querist)
17 June 2009 Company have 2 office premises out of which one is use for its own business & other is given on rent to other firm for their businee.
I would like to know the wealth tax liablity on above 2 ofiice premises.
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CA.SHAHZAD SAYYED

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CA.SHAHZAD SAYYED (Expert)
17 June 2009 As per Sec. 2(ea) of wealth Tax building, premises etc. using for Business or Profession does not constitues Assets, so the premises which is used by Company for self business doesn't attract Wealth Tax Liability
While in case of second premises if it is let out for whole year(or for the minimum period of 300 days) then it is not regarded as Asset and hence does not attract wealth Tax liability
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Ankur Garg

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Ankur Garg (Expert)
17 June 2009 Agree
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