Wealth tax

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.

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