An assessee who is a builder and who holds an undeveloped land for more than 10 years. Is he liable for wealth tax?
Regards,
Devendra K
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Wealth tax
Replies (2)
Is the land treated as stock in trade in the books of account of the builder ?
The undeveloped land will not be taxable till 10 years from date of acquisition after that it will form part of builder's taxable wealth.
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