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Wealth tax

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(Querist)
01 January 2013 sir,
is advance paid for land liable under wealth tax?
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
01 January 2013 Advance paid will be included in your net wealth only if sale deed is executed in your favour.
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kunal

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kunal (Querist)
01 January 2013 sir sale deed is executed in next f/y..
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
01 January 2013 Then it is not treated your wealth since the ownership is not transferred to you. it is purely an advance against property.
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kunal

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kunal (Querist)
01 January 2013 thank you sir
happy new year..
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
01 January 2013 Happy New year to you too.. Enjoy!!
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kunal

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kunal (Querist)
01 January 2013 SIR is there any e.cess or surcharge on wealth tax liability???
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
01 January 2013 No, there is no ed. cess and surcharge on wealth tax. It is 1% only.
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