Whether "Factory Buliding" and " Factory Land" are treated as an assets under Section 2(ea) of the Wealth Tax Act,1957
CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
08 September 2012Whether "Factory Buliding" and " Factory Land" are treated as an assets under Section 2(ea) of the Wealth Tax Act,1957
siva thunder
(article student)
(253 Points)
Replied 08 September 2012
it is not because it is used for comercial purpouse,only residential building
CA Mangesh Chitale
(B. Com. A.C.A. DISA (ICAI) DIRM (ICAI))
(245 Points)
Replied 06 November 2012
Ideology behind Wealth tax is to tax unproductive assets. So, you can observe that FDs & Shares are not chargeble to wealth tax but physical gold is chargeble.
In your case, both assets are not chargeble to tax.
Saket Sinha
(Student)
(129 Points)
Replied 07 November 2012
As per the defination of assets given under wealth tax any bulding used for commecial purpose shall be excluded. Therefore, factory building and factory land shall be excluded.
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