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Liability of wealth tax, Income Tax |
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Liability of wealth tax |
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A company has been alotted a land by a local authority to construct a shopping mall. A company incorporate a B company and trf. land to new company to construct mall. B company incorporated in F Y 2006-2007 and construction of mall started in f y 2007-2008. my query is that: whether the company B is liable for wealth tax on land for the f y 2006-2007 or not? there are if any case law. pl provided thanx
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As it appears from ur query as SIT, if it as such then it is not taxable and if it as capital assets then it is taxable
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