New User / Register | Bookmarks | Annual Subscription | Feedback |
Login: Stay
| Forget Password |
           
TMI - Tax Management India. Com  

 
Discussions Forum
Home Forum Other Topics Month 5 2009 2009 (5) This
← Previous Next →
 

Wealth tax - Proprietorship concern - Other Topics

 
Issue Id: - 1210
Dated: -25-05-2009
By:- Seema
Wealth tax - Proprietorship concern

If a proprietorship concern has given its properties on Rent to a Company, then whether wealth Tax will be applicable on it or not, in case:- 1) it's business is of letting out of properties 2) it is carrying on Warehousing business and renting properties is incidental to it.

Post Reply
 
Previous Posts
 


Dated: - 25-05-2009
By: - Rama Krishana

Kindly see definition of assets under section 2(ea) of the wealth tax act, 1957. Accordingly, any house for residential or commercial purposes which forms part of stock-in-trade; is excluded from the scope of wealth tax. Further, any property in the nature of commercial establishments or complexes is also excluded from the scope of wealth tax. In addition, any property let out for 300 days in the previous year is not subject to wealth tax.


 
 
Previous Next

 

what is new what is new

Updates Knowledge Sharing Subscription Communication Newsletters More Options




Go to Mobile Website Go To Top
© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.