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Wealth tax is on hotel & restaurant

This query is : Resolved 
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(Querist)
17 January 2015 dear sir,
please tell me about the wealth tax on hotel property and also its valuation under schedule 3 of wealth tax act?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
17 January 2015 Hotel property can be said as a property in the nature of commercial establishment.
As per Section 2(ea)1(v) such property is excluded from the definition of "Assets" under the Wealth Tax Act.
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Jaswinder singh

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Jaswinder singh (Querist)
17 January 2015 thank u sir
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