Meaning of the term "building' for the purpose of levy of additional wealth-tax. - Income Tax - 591/CBDT

INSTRUCTION NO. 591/CBDT Dated : August 22, 1973 In the case of every individual and HUF, where the net wealth of the individual or HUF includes the value of any assets, being building or land or any right in such building or land, situated in an urban area, additional Wealth-tax is levied on such assets as prescribed in the schedule to W.T.Act. 2. A question has arisen regarding the meaning of the term "building' for the purpose of levy of additional wealth-tax. 3. The Board are advised that the question has to be decided with reference to the nature of each particular structure and the facts of the case. The mere fact that some money has been expended in putting up structures like a wall, foundation, etc. on a piece of land would not necessarily make them a building. The question whether such structures by themselves would enhance or diminish the value of the land is a different issue but they would not by themselves constitute a building.