Poonawalla fincorps
Poonawalla fincorps

Wealth tax

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(Querist)
03 March 2014 What is a interpretation of Sec 2(ea)(i)(3). A house used for own business or profession.? Can you explian with example. Thank you.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 March 2014 For eg. Mr. A owns a house property. He is a doctor by profession. He opens his clinic in the house.

It will be said that Mr. A is using the house for own business or profession. Accordingly such a house is NOT an asset for wealth tax purpose.

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