Wealth tax on assets leased

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2013 A Company has taken on rent a store for the period of 25 years for running retail business.
Will wealth tax be payable bye lessee i.e. Company in this case where lease tenure is more than 15 years,where wealth tax liability shifts from Lessor to Lessee

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 October 2013 the owner will be liable to pay wealth tax as asset belongs to him.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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05 October 2013 Agree with Mr. Sampat..
Lessee will not be held liable for the wealth tax....

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Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2013 But section 4(8)(b) of wealth tax act says, in case of lease tenure for the period of 12 years or more, lessee will be liable to pay wealth tax

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2013 Please clerify