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Wealth-tax - Highlights / Catch Notes

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Imposition of wealth tax - Once the non-productive asset like ...

Wealth-tax

April 21, 2016

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 assessee can start availing of exemption even during the period of conversion of such non-productive asset to productive asset - AT

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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. 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...

  3. 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...

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

  5. Nature of the asset - If the construction was partly completed or the building is under construction, in that case the exception engrafted in the definition of the words...

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

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

  8. 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

  9. Wealth-tax is not levied on productive assets, and in view of that logic, it was proposed that wealth-tax would not be levied on such residential property that has been...

  10. Wealth Tax - The mere fact that there is land and building owned by the company and it is not used for the purposes of business is sufficient to hold that these assets...

 

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