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Wealth-tax - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

Enhancement in value of net wealth - sub-clause(5) of clause(i) ...

Wealth-tax

August 6, 2015

Enhancement in value of net wealth - sub-clause(5) of clause(i) of section 2(ea) nowhere requires that a commercial establishment or a complex cannot be established in a house property - it nowhere provides that only if such commercial complex is occupied by the owner then alone the exclusion shall take effect. - AT

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  1. Determination of net wealth of assessee - Renting of property - once the rental income from the property is treated as “business income” and the character of the asset...

  2. Wealth tax - the commercial asset used by the assessee substantially and partly given on lease are not business assets and thus includible into the 'net wealth' u/s...

  3. Business premises let out - Whether assessable as assets under section 2(ea) of Wealth tax or not - premises were not covered by exclusions provided under section 2(ea)(i) - AT

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  5. Inclusion of rented premises into wealth tax assessment - revenue yielding asset - section 2(ea)(i) nowhere requires that a commercial establishment or a complex could...

  6. Warehouse utilized for business purposes by the assessee hence exempt u/s 2(ea)(i)(3) of the Wealth Tax Act - AT

  7. Valuation of property - Section 2(ea) of Wealth Tax Act, 1957 - whether security taken for lease of asset would be treated as debt - held No - AT

  8. 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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  10. Inclusion of let out property in the wealth tax assessment - scope and ambit of wealth tax u/s 2(ea)(i)(5) - wealth tax is not to be levied on productive assets - AT

 

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