Bimal Mehta (Senior Accountant & finance managerial) (180 Points)
04 September 2014Pvt ltd hold 4 Commerical property and this property hasbeen given on Rent .
Whether this property will be under wealth tax act .
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 04 September 2014
It will become taxable under Wealth tax becoz the said properties has not been used for business purpose.
CA Prashant Gupta
(DGM (F & A))
(14068 Points)
Replied 04 September 2014
I think below article can help you
Bimal Mehta
(Senior Accountant & finance managerial)
(180 Points)
Replied 05 September 2014
| Originally posted by : Gagan Deep Singh | ||
 |
It will become taxable under Wealth tax becoz the said properties has not been used for business purpose. |  |
But as per wealth tax act asset other than asset specified in section 2(ea) are outside purview of wealth tax , in this they says : "any property in the nature of commercial establishments or complexes" Means all 4 property will be exempted from wealth tax ????
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13706 Points)
Replied 05 September 2014
Commercial property is not included while calculating net wealth of a person under wealth tax act.
Bimal Mehta
(Senior Accountant & finance managerial)
(180 Points)
Replied 05 September 2014
| Originally posted by : abhishek goyal | ||
|
Commercial property is not included while calculating net wealth of a person under wealth tax act. | |
Here it is PVT LTD CO .
CAclubindia
