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Wealth tax
if any advance is paid against land would it be accounted in wealth tax?
Replies (4)
WEALTH TAX CAN BE LEVID ON THE NET WEALTH OF THE PERSON ON VALUATION DATE.
IF ON THE VALUATION DATE ASSET IS TRANSFERRED I.E.OWNERSHIP IS TRANSFERRED THAT ASSETS SHOULD NOT BE INCLUDED IN CALCULATION OF NET ASSETS.
IN YOUR CASE SINCE YOU HAVE ONLY PAID THE ADVANCE AND ASSETES IS NOT YET TRANSFERRED YOU MAY NOT INCLUDE THE ASSET IN NET WEALTH.
Hey if ownership is transferred we have to take the asset or not you have mentioned NOT
OBVIOUSLY IF THE OWNERSHIP IS TRANSFERRED ON OR BEFORE VALUATION DATE , YOU HAVE TO TAKE THE ASSETS IN COMPUTING NET WEALTH.
Okay. Thank you very much.
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