Wealth tax applicability

[MADHUSUDHAN B]

I HAVE URBAN LAND OF 25 GROUND'S PURCHASED 3 YEARS BACK, IN THIS PROPERTY PRESENTLY I AM RUNNING VEHICLE STAND(with Out ANY BUILDING ) WITH MONTHLY INCOME OF AVERAGE Rs 75,000/- PRESENTLY PROPERTY VALUE IS Rs12,00,00,000/- PLEASE TELL ME ANY BODY ABOUT MY WEALTH TAX APPLICABILITY

AI Summary

Wealth Tax Query: Is Urban Land Used as Vehicle Stand Taxable? Considerations on Property Usage and Exemptions. An individual inquired about the applicability of wealth tax on urban land used as a vehicle stand, which generates a monthly income of Rs 75,000 and is valued at Rs 12,00,00,000. One respondent argued that since there is no building on the land, it does not constitute a house under the Wealth Tax Act, thus making the land taxable as part of gross wealth. Another respondent suggested potential exemptions if the property is appraised as a commercial establishment or held as stock-in-trade, emphasizing that exemptions could depend on the property's nature and usage.