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Wealth-tax - Highlights / Catch Notes

Home Highlights February 2016 Year 2016 This

Inclusion of Urban Land into Net Wealth - the intention of the ...

Wealth-tax

February 5, 2016

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 the subsequent activities of the assessee. - Not taxable - AT

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

  2. 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

  3. 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...

  4. Inclusion of assets in to the the net wealth of the assessee (Individual) - whether assets are belonging to bigger HUF - AO directed to make addition of assets in the...

  5. Inclusion of Agricultural lands for the purpose of wealth tax - Once the lands are classified as agricultural lands, in the revenue records of Government and used for...

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

  7. Inclusion of land into net wealth - t is to be remembered that proposal of the road through the subject land and pending finalization and demarcation of exact location,...

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

  9. 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...

  10. Reassessment of wealth tax - vacant urban land not included - Unless, the AO brings on record any evidence to prove that there was a structure, we cannot concur with...

 

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