Exigibility of 'Urban Land' to wealth tax - submission was that ...

Supreme Court Rules Urban Land Subject to Wealth Tax Despite Construction; No Exemption for 'Productive Use'.

January 24, 2016

Case Laws Wealth-tax SC

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 exemption of wealth-tax. This argument of giving so called purposive interpretation has to be rejected - SC

View Source

← Previous Next →

Exigibility of 'Urban Land' to wealth tax - submission was that ...

Supreme Court Rules Urban Land Subject to Wealth Tax Despite Construction; No Exemption for 'Productive Use'.

January 24, 2016

Case Laws Wealth-tax SC

You may also like:

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...

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...

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

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...

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...

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

Wealth Tax assessment - once construction activity commenced in the land ceases its character as a vacant land and it cannot be treated as a nonproductive asset and such...

Net wealth - if the building under construction is not to be regarded as building then the land on which the construction is started will have to be included in the...

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

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...

Exemption from wealth-tax in respect of assets specified in declaration - THE INCOME DECLARATION SCHEME, 2016

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,...

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

Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

Mapping Services provided to various Municipal Corporation & Councils - The Services are provided by the applicant are the relation to Urban planning including town...

Quick Updates: