wealth tax quaries
This query is : Resolved
31 December 2009
sir,
I need some information about section 18(1)(iii) of wealth tax act.
As my client who is a woman having a plot . When she purchsed that plot in 2004 for rs. 600000/-and it was not fall in circle rates.As she has not any knowledge of wealth tax. she has not filed any wealth tax return. after receiving notice for A.Y. 2005-06, 2006-07, 2007-08 from income tax office, she has filed wealth tax return for A.Y. 2005-06, 2006-07, 2007-08 & 2008-09.and paid wealth tax for each year.she has been scutinzed for above three years but no tax has been levied on her. after completion of assessment of above three years. she has received notice for penalty u/s 18(1)(iii). whether she is liable to pay the penalty or not.If yes, plz send some suggestion of preventing from penalty as soon as possible.
plz also provide case law if any.
thanking you.
I need some information about section 18(1)(iii) of wealth tax act.
As my client who is a woman having a plot . When she purchsed that plot in 2004 for rs. 600000/-and it was not fall in circle rates.As she has not any knowledge of wealth tax. she has not filed any wealth tax return. after receiving notice for A.Y. 2005-06, 2006-07, 2007-08 from income tax office, she has filed wealth tax return for A.Y. 2005-06, 2006-07, 2007-08 & 2008-09.and paid wealth tax for each year.she has been scutinzed for above three years but no tax has been levied on her. after completion of assessment of above three years. she has received notice for penalty u/s 18(1)(iii). whether she is liable to pay the penalty or not.If yes, plz send some suggestion of preventing from penalty as soon as possible.
plz also provide case law if any.
thanking you.
31 December 2009
As per the given facts, there should be no wealth tax liability there as the plot price is just Rs. 600,000/-. WT is payable only if wealth is more then Rs.15 Lacs. So i am unable to understand the exact query, and why she paid tax for last 3 years. And for what the penalty has been levied? Please give some more details.
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
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- PF wage ceiling
- ITC BENEFIT ON BROKRAGE PAID
- TDS refund Indemnity Bond
- Taxation on Old jewellery sold
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- GST ISD Query on various AMCs
- REGARDING ITR FILING QUESTION
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
