Liability of wealth tax, Income Tax

[ANCHAL RASTOGI]

A company has been alotted a land by a local authority to construct a shopping mall. A company incorporate a B company and trf. land to new company to construct mall. B company incorporated in F Y 2006-2007 and construction of mall started in f y 2007-2008. my query is that: whether the company B is liable for wealth tax on land for the f y 2006-2007 or not? there are if any case law. pl provided thanx

Posts / Replies

[dayashankar]

As it appears from ur query as SIT, if it as such then it is not taxable and if it as capital assets then it is taxable