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Wealth tax - Proprietorship concern - Other Topics

Issue Id: - 1210
Dated: 25-5-2009
By:- Seema
Wealth tax - Proprietorship concern

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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.

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Dated: 25-5-2009
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.

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