Wealth tax
This query is : Open
06 November 2013
What is the treatment of an Land purchased on credit under wealth tax?
Thanking You
What is the treatment of an Land purchased on credit under wealth tax?
Thanking You
06 November 2013
Wealth tax is chargeable on the assets specified in S. 2(ea) of the Wealth-tax Act. One of such assets is an ‘urban land’, which has been defined in Explanation 1(b) of the said Section.
However, No wealth tax if its an agricultural land...
However, No wealth tax if its an agricultural land...
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06 November 2013
Thank You Sir.
An asset which taxable is purchased on credit. Whether such credit is deductible for calculating net wealth or not?
An asset which taxable is purchased on credit. Whether such credit is deductible for calculating net wealth or not?
06 November 2013
Yes, All debt relating to acquisition of Taxable asset are deductiable.
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06 November 2013
Thank You Sir.
Can you substantiate with any case law or any such explanations.
Can you substantiate with any case law or any such explanations.
07 November 2013
Thank You Sir.
Can you substantiate with any case law or any such explanations.
Can you substantiate with any case law or any such explanations.
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