if I purchase one office as investment in commercial complex then is it covered with in a defination of asset to be taxed under wealth tax act??
its office only and not let out property also but i did not found in the wealth tax act clearly about this . whether it would be part of Asset or not and also not found a part of exempt asset. is there any case law or circular like for this.??
but its office only and not let out property also but i did not found in the wealth tax act clearly about this . whether it would be part of Asset or not and also not found a part of exempt asset.
is there any case law or circular like for this.??
24 December 2012
Dear, if it is occupied for the purposes of any business or profession carried on by you then it is not asset and no wealth tax-section 2(ea)
25 December 2012
Actually, one of my sin ear has solve the doubt. as per her its kind of commercial establishment and that's why it is not a taxable asset.
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