17 December 2013
yeah i am aware that one residential flat is exempt but here we hav flat booking now how am i to know whether it is already constructed or not?
17 December 2013
then you need to check the same with the client....CIT v. Smt. Neena Jain, WTA Nos. 17 to 20, dated 19-2-2010, the Punjab & Haryana High Court has upheld the view that a house under construction is not liable to WT and is not an urban land.
Ask the client naa...whether he has got the possession of the house or no?
17 December 2013
the logic he gave me was hamara paisa to ja chuka hai na..:/ and pehle when he said that wouldnt be included he said hamare pass asset abhi tak aya hai kya?? mein kya karu fir
17 December 2013
Money advanced for whatever purpose is LOANS AND ADVANCES. . Loans and Advances is not taxable under Wealth Tax Act. . PRACTICAL HINT (as you are too junior): . Initially just prepare the Computation as per your boss's directions. . But of course; being a future auditor; you must EXAMINE the law and see what happens in future with the ASSESSEE i.e. how it is assessed by the Department later on.
However; when your boss finalizes it, tell him about your doubt and show him the section 2(ea) of the Wealth Tax Act,1957. . Assets falling outside this section( sub sections "a to e)" are not taxable. . . Only then he will appreciate you and you will find yourself on the TOP. :) . . KEEP DISCUSSING TO LEARN MORE AND MORE TO MAKE YOUR CAREER BRIGHT. . BEST WISHES!
CAclubindia
