Includibility of deemed-owned buildings in net wealth clarified, aligning wealth-tax treatment with income-tax deeming of ownership. An explanatory provision was added to clause (m) of section 2 of the Wealth-tax Act clarifying that buildings or parts of buildings referred to in specified clauses of section 27 of the Income-tax Act shall be includible in the net wealth of the person who is deemed under those Income-tax clauses to be the owner of that building or part thereof, thereby aligning wealth-tax inclusion with the Income-tax deeming of ownership.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Includibility of deemed-owned buildings in net wealth clarified, aligning wealth-tax treatment with income-tax deeming of ownership.
An explanatory provision was added to clause (m) of section 2 of the Wealth-tax Act clarifying that buildings or parts of buildings referred to in specified clauses of section 27 of the Income-tax Act shall be includible in the net wealth of the person who is deemed under those Income-tax clauses to be the owner of that building or part thereof, thereby aligning wealth-tax inclusion with the Income-tax deeming of ownership.
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