Whether "Factory Buliding" and " Factory Land" are treated as an assets under Section 2(ea) of the Wealth Tax Act,1957
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Wealth tax query
Replies (3)
it is not because it is used for comercial purpouse,only residential building
Ideology behind Wealth tax is to tax unproductive assets. So, you can observe that FDs & Shares are not chargeble to wealth tax but physical gold is chargeble.
In your case, both assets are not chargeble to tax.
As per the defination of assets given under wealth tax any bulding used for commecial purpose shall be excluded. Therefore, factory building and factory land shall be excluded.
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