Net wealth - if the building under construction is not to be ...

Building Under Construction Not Exempt from Wealth Tax; Land Considered Asset Despite Construction Start.

July 1, 2016

Case Laws Wealth-tax HC

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 assets under clause (v) because land mentioned therein does not carry any qualification or the adjective vacant and that even otherwise the land does not lose its value as an asset simply because construction is started thereon. - HC

View Source

← Previous Next →

Net wealth - if the building under construction is not to be ...

Building Under Construction Not Exempt from Wealth Tax; Land Considered Asset Despite Construction Start.

July 1, 2016

Case Laws Wealth-tax HC

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...

The ITAT Visakhapatnam dealt with a revision u/s 263 regarding the treatment of a residential property sale as short-term or long-term capital asset. The dispute...

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...

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...

Nature of expenditure on construction of building on leasehold land - the lessor does not own the building and the assessee cannot own the same as capital asset since...

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

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

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...

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

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...

When there is a transfer of capital asset being land together with building and where the land is held for a period of more than 36 months and the building held for less...

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

Inclusion of Agricultural lands for the purpose of wealth tax - Once the lands are classified as agricultural lands, in the revenue records of Government and used for...

Revision u/s 263 - AS 7 - construction of asset - block of asset is not restricted to building machinery plant or furniture but is extended to know-how patents Copyright...

Difference between Fee and Tax - water and sewerage taxes levied and collected - legislative competence of State Legislature to levy the tax under the provisions of...

Quick Updates: