Valuation of compensation rights: treat acquisition compensation as an asset for wealth-tax inclusion and collect state acquisition data. Valuation of the right to receive compensation for State acquisition of land is an asset includible in the net wealth of the entitled person. Officers must liaise with State authorities to identify acquisitions, determine assessability to wealth-tax, and collect information periodically (annually or semi annually) so that compensation rights are reflected in wealth-tax assessments; arrangements for this collection must be reported to the Board.
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.
Valuation of compensation rights: treat acquisition compensation as an asset for wealth-tax inclusion and collect state acquisition data.
Valuation of the right to receive compensation for State acquisition of land is an asset includible in the net wealth of the entitled person. Officers must liaise with State authorities to identify acquisitions, determine assessability to wealth-tax, and collect information periodically (annually or semi annually) so that compensation rights are reflected in wealth-tax assessments; arrangements for this collection must be reported to the Board.
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