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 ?
2 Replies
Amir
(Learner)
(4016 Points)
Replied 26 March 2010
Dear Vikash,
Yes, All 4 houses will be excluded in this case...............
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 26 March 2010
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;
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