Little doubt in wealth tax?

This query is : Resolved

Ankit (Querist)
Follow

26 February 2013 Sec 2(ea) "assets", in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year, means......xxxxxxxxxx......but does not include:

1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than 10 lakh
rupees;

My doubt is , if salary is more than 10lakh then asset is taxable in hand of COMPANY or DIRECTOR/EMPLOYEE????

CA Neha Chauhan

CA Neha Chauhan (Expert)
Follow

26 February 2013 Dear Ankit,

As per my knowledge, assets owner on valuation date liable for wealth tax....so in your case company is liable for wealth tax and not an employee..

Regards,
Neha Chauhan