Wealth tax - urban land - 2 (ea)(v)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2013 If a building has been constructed on a land without the approval of appropriate authority, then:

Q1) What will be the status of land and building for the purpose of inclusion in computation of wealth ?

Q2) What will be the status of the same building if it is being used in the business by the assessee

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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28 May 2013 WT or IT department is not concerned with the no permission or permission for the building. They are concerned that the investment in the building should not be out of black money or it should be out of tax paid income or through loan taken. The assets is to be reduced by any amount of loan and then it is to be included in WT return. If only one house then it is exempted whether it is used for residence or for commercial purpose.