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Wealth-tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Wealth Tax assessment - once construction activity commenced in ...

Wealth-tax

June 5, 2015

Wealth Tax assessment - once construction activity commenced in the land ceases its character as a vacant land and it cannot be treated as a nonproductive asset and such land cannot be brought to wealth tax - AT

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  1. The lands being agricultural lands have been excluded from the wealth tax - AT

  2. Land which was converted to stock in trade the same was not eligible for imposition of wealth tax - AT

  3. Valuation of property - Enhancement in valuation - Land converted from small scale industrial use to 20% residential use - still being used for business - not taxable...

  4. Incomplete building neither falls within the definition of a building, u/s 2(ea), nor within the purview of urban land - Not liable to Wealth Tax

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  6. Exigibility of 'Urban Land' to wealth tax - submission was that the moment construction starts the urban land is put to 'productive use' and that entitles the land from...

  7. A piece of vacated land cannot be excluded from taxable wealth simply because building has been constructed thereupon subsequently - AT

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  9. Wealth-tax - any property in the nature of commercial establishments or complexes is excluded from the definition of assets liable for wealth tax - AT

  10. Assessment of trust - assessment u/s 21(1) or u/s 21(4) of the wealth tax act - shares of the beneficiaries of the trust were known and determinate - hence the...

 

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