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Wealth tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 October 2013 There is a land with a company which is diverted for residential purpose i.e. the company will in future build residential building on it. Is it liable for wealth tax. The land is shown as fixed assets in the balance sheet of the company.

What would be the case if the land is in the possession of an individual? Does it make any difference for the wealth tax liability?

Please suggest, its urgent.
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@VaibhavJ

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@VaibhavJ (Expert)
16 October 2013 Hi

In case of Co. if land is held as Sotck in trade then upto 10 yrs it is not to be included while calculating W Tax.

Same rule applies to an Individual.

Thanks//VaibhavJ
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Querist : Anonymous

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Querist : Anonymous (Querist)
16 October 2013 Thanks for the suggestion. The land is not held as stock-in-trade. It is held as fixed asset in the balance sheet. Kindly suggest in this perspective.
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@VaibhavJ

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@VaibhavJ (Expert)
16 October 2013 HI

It is wealth!

Thanks//VaibhavJ
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
16 October 2013 Then it will be included in the definition of assets u/s 2(ea) of wealth tax act,1957.
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@VaibhavJ

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@VaibhavJ (Expert)
16 October 2013 Perfect Tusharji!!

I hope your query is resolved now.

Thanks//VaibhaJ
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 October 2013 Thanks a lot Vaibhavji & Tusharji.
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 October 2013 The wealth tax would be calculated on guideline value or market value as on 31st March
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
22 October 2013 You have not mention for which asset?
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 October 2013 Sir, the asset is land. Which value has to be taken - guideline value or market value as on 31st March?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
24 October 2013 It should be valued as per rule III of schedule to wealth tax act.

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