net wealth computation
This query is : Resolved
03 March 2010
whether an apartment which is under the possession of the assessee is considered for net wealth when further investment is made on that asset for renovation and repairs? if it is considered what is the position of such asset for net wealth taxation?
please give the source for further reference
please give the source for further reference
04 March 2010
Nilesh Shah Writes:'
House is included in the definition of assets under section 2(ea) of the Wealth Tax Act.
However one house or a part of the house is exempted from payment of wealth tax under section 5(vi) of the Act.
Therefore the appartment in your case, if that be the only appartment owned by the assessee, will be exempt.
Consequently expenditure on renovation of that only house will also be exempt.
Sincerely,
Nilesh Shah
House is included in the definition of assets under section 2(ea) of the Wealth Tax Act.
However one house or a part of the house is exempted from payment of wealth tax under section 5(vi) of the Act.
Therefore the appartment in your case, if that be the only appartment owned by the assessee, will be exempt.
Consequently expenditure on renovation of that only house will also be exempt.
Sincerely,
Nilesh Shah
Message likes :
1 times
04 March 2010
thank u sir for your response. Sir, in my query, the said apartment is not the one house which is exempted. It is purchased as a policy of investment. whether it is taxable in the hands of assessee as net wealth. the renovation and repair is still in process.
02 July 2010
ya it would be taxable in net wealth of assessee.
02 July 2010
yes such asset will be includ for net wealth taxation.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
