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2016 (2) TMI 841 - AT - Wealth-taxAddition of plot of land (agriculture) and a house in the net wealth - it was submitted that the investment in the property at Jubilee Hills was utilized for exemption u/s 54 of IT Act which was upheld by ITAT, Hyderabad. Thus, as the said property is a house eligible for exemption u/s 5(vi) of the Wealth Tax Act, 1961. - Held that:- residential house is not includible into the net wealth - the land classified as agricultural land and used for the purpose of agriculture would not fall within the meaning of ‘asset’ and would be exempt from wealth tax.” Moreover, the section 2(ea) Explanation 1(b), the definition of ‘urban land’ amended by the Finance Act, 2013, w.e.f. 01/04/1993. - No additions - Decided against the revenue.
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