Whether wealth tax is levied on commercial flat not using for business?

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..... Whether wealth tax is levied on commercial flat not using for business?
Query (Issue) Started By: - Anup Kumar Grover Dated:- 4-5-2010 Last Reply Date:- 9-5-2010 Other Topics
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I .....

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..... ndian Laws
A commercial flat not using for business, whether liable to wealth tax in year, earlier it was let out. Reply By GOPALJI AGRAWAL: The Reply: If it is located in a commercial complex, it .....

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..... would be covered under exception 5 hence not an asset. Normally, flat is treated as residential, if it is commercial, then it would be known as complex, office, shop,showroom etc. Reply By DEV KUMAR K .....

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..... OTHARI: The Reply: use as on valuation date is relevant. use can be by ownere or by tenat. if as on the valuation date office space is used for business or profession, then it will be exempt. The fact .....

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..... s must be clear and convincing. Shri Gopal ji has rightly pointed out that if the office space / (described by you as commercial flat) is in a commercial complex, then also it is exempt irrespective .....

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..... of use or not use.
Discussion Forum - Knowledge Sharing .....

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