Wealth-tax surcharge imposed and expanded asset exemptions clarified, including industrial land, employee residences and stock-in-trade rules. Amendment imposes a ten percent surcharge on wealth-tax for the assessment year commencing 1 April 1988 and revises exclusions from taxable wealth: it excepts precious metals held as industrial raw material, temporally exempts unused land held for industrial purposes for two years, redefines real property exclusions to carve out buildings and appurtenant land used for specified business or employee-welfare purposes while expressly allowing exemptions for guest houses and certain employee residences subject to a minimum equity holding and defined 'relative'. It further provides that assets held as stock-in-trade, and motor-cars held as stock-in-trade or registered as taxis, are not exempt, with Board guidance to Assessing Officers on deciding stock-in-trade status.
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Wealth-tax surcharge imposed and expanded asset exemptions clarified, including industrial land, employee residences and stock-in-trade rules.
Amendment imposes a ten percent surcharge on wealth-tax for the assessment year commencing 1 April 1988 and revises exclusions from taxable wealth: it excepts precious metals held as industrial raw material, temporally exempts unused land held for industrial purposes for two years, redefines real property exclusions to carve out buildings and appurtenant land used for specified business or employee-welfare purposes while expressly allowing exemptions for guest houses and certain employee residences subject to a minimum equity holding and defined "relative". It further provides that assets held as stock-in-trade, and motor-cars held as stock-in-trade or registered as taxis, are not exempt, with Board guidance to Assessing Officers on deciding stock-in-trade status.
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