Wealth tax

454 views 3 replies

Sir,

One of my client is having following assets with him as on 31.03.2013. I want to know whether following asset will be included in his wealth while computing wealth tax?

1. Residance house under construction : 26 Lkhs

2. Plot of land (residential)                    : 10 Lakhs (MV : 18 lkhs)

3. Plot of land                                      : 16 Lakhs (MV 20 Lkhs)

4. Indudtrial plot of land                         : 13 Lakhs (MV 20 Lakhs)

5. Investment in a propritory concern      : 96 Lakhs

6. FDR in SBI                                       : 20 Lakhs

7. Loans & Advances                            : 347 Lakhs

8. Sundry Debtors                                 : 17 Lakhs

9. Bank BAlance                                   : 55 Lakhs

He has not taken loan from any party. please guide me.

Replies (3)

answer

1 no

2 yes, if urban land

3 yes, if urban land

4 yes, if 2 yrs has elapsed from the date of acquisition till 31.03.2013

5 no

6

7 no

8 no

9 no

 

In options 2 take market value since it exceed 120% of original value.
In option 3 also consider market value.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
24 June 2026
Chartered Accountant - GST & Direct Tax

APL

Mumbai

CA

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details