Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 November 2012 (1) Agriculture land taken into consideration while compute wealth tax?

(2) Fixed deposite in bank taken in to consideration while compute wealth tax?

(3) Loans and advance taken into consideration while compute wealth tax?

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
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23 November 2012 Point Wise Answer

1. Agriculture Land - Whether it is situated in urban or Rural Area - Not Liable to Wealth Tax.

2. Fixed Deposit - Not an Assets under Wealth Tax Hence not liable to Wealth Tax.

3. Loans and Advances - Not an Asset under Wealth Tax Hence not liable to Wealth Tax.

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2012 but what is your opinion if land is situated within 8 Km. and agriculture process is not done on this land?

wealth tax act include only non productive assets?

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