Urban Land in wealth tax
This query is : Resolved
25 September 2008
1.Vacant urban Land purchased before 1960 is chargeable under wealth tax act or not
2.If a manufaturing company having a colony developed in their factory's campus and around 50% land is vacant alongwith constructed employee's houses, garden and school etc.
Whether it is treated as urban land or not and what about gardens etc.
2.If a manufaturing company having a colony developed in their factory's campus and around 50% land is vacant alongwith constructed employee's houses, garden and school etc.
Whether it is treated as urban land or not and what about gardens etc.
25 September 2008
The followings are Asset Excludes u/s 2(ea) of the wealth tax act:
1) Urban land on which construction of a building is not permissible under any law.
2) Land occupied by any building constructed with the approval of appropriate authority.
3) Land held for industrial purposes for a period of 2 years from the date of acquisition.
4) Land held by the assessee as stock in trade for a period of 10 years from date of acquisition.
1) Urban land on which construction of a building is not permissible under any law.
2) Land occupied by any building constructed with the approval of appropriate authority.
3) Land held for industrial purposes for a period of 2 years from the date of acquisition.
4) Land held by the assessee as stock in trade for a period of 10 years from date of acquisition.
27 September 2008
Please help me on my speific problem u r giving IT provisions which every one can read from the Book
28 September 2008
In first case WT attracted and in second case said 50% vacant land may be for stock in trade storage space or parking space of trucks etc and used for business so exempt from WT
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