wealth tax

This query is : Resolved

anil khatri (Querist)

28 June 2008 1.Sec 2(ea) of wealth tax said that `` any building is treated as an asset and it includes- commercial building'' while act also said that any property in nature of commercial establishments or complexes should not be included in the assets as building. What is difference between commercial building and commercial establishments or complexes ? I don't understand when a building should be taxable and when not ?

2.If i had a shop and given on rent whether it is included in my wealth tax return as assets or not ?

Jitender

Jitender (Expert)

28 June 2008 as per recent tribunal judgement,it is not ur wealth.

let's wait for other opinion.

Jitender

Jitender (Expert)

28 June 2008 as per recent tribunal judgement,it is not ur wealth.

let's wait for other opinion.

CA Anand Sarda

CA Anand Sarda (Expert)

29 June 2008 Commercial building is just u have given abuilding for rent. where as commercial complex or commercial establishments is like a big mall, a big complex where number of shops are established.

anil khatri

anil khatri (Querist)

30 June 2008 1.Sec 2(ea) of wealth tax said that `` any building is treated as an asset and it includes- commercial building'' while act also said that any property in nature of commercial establishments or complexes should not be included in the assets as building. What is difference between commercial building and commercial establishments or complexes ? I don't understand when a building should be taxable and when not ?

2.If i had a shop and given on rent whether it is included in my wealth tax return as assets or not ?