09 May 2014
u/s2(ea) a guest house, residential house etc.situated within 25km of municipality or cantonment board is an asset?
means which is asset below 25km or above 25km??
10 May 2014
As per section 2(ea) of wealth tax act, the limit of 25 Kms applies only to farm house. there is no limit for guest house, residential house etc. thus if farm house is situated within 25 kms of municipal limits then only wealth tax is applicable on it. While on others it will be applicable irrespective of its place.
CAclubindia
