WEALTH TAX

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In Wealth Tax

If company having four residential house and these houses given to four different director , whose remuneration less than rs. 500000  .

will all house include in net wealth of company or not ?

Replies (2)

Dear Vikash,

Yes, All 4 houses will be excluded in this case...............

Yes the deifination of assets for building as per Wealth tax is

[(i)   any building or land appurtenant thereto (hereinafter referred to as “house”), whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include—

       (1)   a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than five lakh rupees;

So all the houses will be exempted from levy of wealth tax.


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