|QUERY:||Please enlighten whether the plot of land given on rent for use by the tenant for storing his stone blocks/cattles rest will be Treated asset or not, for the purpose of Wealth tax?|
|ANSWER:||The plot of land given on rent is an asset u/s. 2(ea) of the Wealth Tax Act, 1957, as the same does not fall under the exception of meaning ‘urban land’. Further, the definition of ‘assets’ excludes only ‘any residential property that has been let out for a minimum period of three hundred days in the previous year.’|
|EXPERT:||CA. H. N. Motiwalla|
|SECTION(S):||2(ea) of Wealth Tax|
|CATCH WORDS:||Wealth Tax Act|
Opinion Of Eminent Legal Luminaries On Controversial Issues
Whether Plot Of Land Given On Rent Is An Asset?
Credit: Several of the queries and answers are reproduced with permission from the AIFTP Journal. We thank AIFTP for generously allowing us to host their research material.
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