Determination of net wealth of assessee - Renting of property - ...

Rental Income as Business Income: Commercial Property Excluded from Wealth Tax u/s 2(ea) of Wealth Tax Act.

August 12, 2015

Case Laws Wealth-tax AT

Determination of net wealth of assessee - Renting of property - once the rental income from the property is treated as “business income” and the character of the asset remains as commercial establishment or commercial complex as envisaged in sub-section 5 of clause (i) of section 2(ea) of the Wealth Tax Act, the same cannot be brought into the ambit of Wealth - AT

View Source

← Previous Next →

Determination of net wealth of assessee - Renting of property - ...

Rental Income as Business Income: Commercial Property Excluded from Wealth Tax u/s 2(ea) of Wealth Tax Act.

August 12, 2015

Case Laws Wealth-tax AT

You may also like:

Wealth tax - the commercial asset used by the assessee substantially and partly given on lease are not business assets and thus includible into the 'net wealth' u/s...

Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

Inclusion of rented premises into wealth tax assessment - revenue yielding asset - section 2(ea)(i) nowhere requires that a commercial establishment or a complex could...

Business premises let out - Whether assessable as assets under section 2(ea) of Wealth tax or not - premises were not covered by exclusions provided under section 2(ea)(i) - AT

Rental income of letting out property simplicitor was chargeable to tax under the head income from house property and not as business income irrespective of the fact...

Correct head of income - income from letting out of warehouses or property to lessees - in cases where the earning of the rental income is the exclusive or predominant...

The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

Rental income earned by assessee should be assessed as income from house property, not business income. AO failed to highlight aspects indicating rental income was...

Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in...

Deduction u/s. 32AB - rental income - The court analyzes the definition of "eligible business or profession" under Section 32AB(2)(i) and determines that it encompasses...

Exemption u/s. 2(ea) of the WT Act - even if the property is utilized for commercial purposes by the tenant, still it is outside the ambit of wealth tax and assessee...

Wealth-tax - any property in the nature of commercial establishments or complexes is excluded from the definition of assets liable for wealth tax - AT

Income from house property or income from other sources - If they are inseparable and the intention is to carry on the business of letting out the commercial property...

Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...

Correct head of income - Characterization of income - rental income as 'business income' or 'income from house property' - there is no doubt that assessee has object of...

Quick Updates: