wealth tax....

This query is : Resolved

CA Deepak Kumar K.R. (Querist)
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20 February 2010 is factory building should include as an asset while calculating net wealth.....?

Plz reply me as early as possible please

regards,
Deepak

Rahul Gupta

Rahul Gupta (Expert)
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20 February 2010 According to Wealth Tax Act, any building or land appurtenant thereto (hereinafter referred to as house),
> which the assessee may occupy for the purposes of any business or profession carried on by him;
> any property in the nature of commercial establishments or complexes;
is not considered as an asset.

So factory Building will not form part of the asset for Calculating wealth Tax.