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TMI BlogWealth tax applicabilityX X X X Extracts X X X X X X X X Extracts X X X X ..... Wealth tax applicability X X X X Extracts X X X X X X X X Extracts X X X X ..... E ANY BODY ABOUT MY WEALTH TAX APPLICABILITY Reply By Surender Gupta: The Reply: A plain reading of sub-clause(i) of cluase (ea) of section 2 i.e. 2(ea)(i) of Wealth Tax Act, 1957 reveals that any "any building or land appurtenant thereto" is referred as house. Further sub-clause (v) of clause (ea) of section 2 refers to as "urban land". Now the question is whether the land used for vehicle stan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d would constitute as house or not? In my view, the answer is No. Since there is no building is in place. I borrow my view from the decision of Bombay High Court reported in 2009 -TMI - 32465 - BOMBAY HIGH COURT [TMI ID = 32465] in the matter of Motwane Manufacturing Co. Pvt. Ltd. Versus Commissioner of Wealth-tax Mumbai. Therefore, the value of land would remain taxable as part of gross wealth. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By DEV KUMAR KOTHARI: The Reply: There are possibilities of exemption from wealth tax on proper appraisal and presentation of facts.Property in nature of a commercial establishment or complexes can be exempted. Poperty (urban land) held as stock-in-trade ( meant for sale at proper time)can be exempt for ten years. Depending on nature of vehicle stand and boundaries, there may be exemption. X X X X Extracts X X X X X X X X Extracts X X X X ..... r> Discussion Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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