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Wealth-tax - Highlights / Catch Notes

Home Highlights January 2016 Year 2016 This

Exigibility of 'Urban Land' to wealth tax - submission was that ...

Wealth-tax

January 24, 2016

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 exemption of wealth-tax. This argument of giving so called purposive interpretation has to be rejected - SC

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  1. 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

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

  3. Wealth Tax - 'urban land' as per Section 2(ea)(v) - Structure standing over the land during the relevant period being a half/semi-finished one cannot come within the...

  4. Exemption u/s 10(37) - Assessee has received compensation on compulsory acquisition of urban agricultural land - Once sufficient material is placed that land was...

  5. Imposition of wealth tax - Once the non-productive asset like urban land is converted to a productive asset like a building which qualifies for exemption, then the...

  6. Value of the land for Wealth Tax - Exemption u/s 2(2ea)(ii) - t if on a plot of land construction of a building is not permissible under any law then the said plot of...

  7. Inclusion of Urban Land into Net Wealth - the intention of the assessee to utilize the urban land only for the purpose of its hotel business is proved beyond doubt by...

  8. Net wealth - if the building under construction is not to be regarded as building then the land on which the construction is started will have to be included in the...

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

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

 

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