Wealth Tax

This query is : Resolved

nandni (Querist)
Follow

19 November 2008 1.Whether Live stock and deposits are included in computing net wealth.
2.Whether besides on residential property one house/part of house/plot of land belonging to an individual is exempt from wealth tax

Ravikumar.G

Ravikumar.G (Expert)
Follow

19 November 2008 Live stock and deposits not an asset u/s 2(ea) for the WT purpose.

Ravikumar.G

Ravikumar.G (Expert)
Follow

19 November 2008 Exemption as per sec 5(vi) in WT -

Individual / HUF : One house or part of a house or a plot of land not exceeding 500 sq.m . (Therefore, no exemption w.r.t part of a plot of land)

Upgrade to CAclubindia Pro. Subscribe Now!

nandni

nandni (Querist)
Follow

21 November 2008 Thanks
Can I get the clarification whether Loans and Advances and Investment included in Wealth and Loans(Secured & Unsecured) deducted to get net wealth.