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- 0 -

Whether wealth tax is levied on commercial flat not using for business?

Date 04 May 2010
Replies2 Answers
Views 1198 Views
A commercial flat not using for business, whether liable to wealth tax in year, earlier it was let out.
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Replied on May 5, 2010
1. If it is located in a commercial complex, it would be covered under exception 5 hence not an asset. Normally, flat is treated as residential, if it is commercial, then it would be known as complex, office, shop,showroom etc.
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Replied on May 9, 2010
2. use as on valuation date is relevant. use can be by ownere or by tenat. if as on the valuation date office space is used for business or profession, then it will be exempt. The facts must be clear and convincing. Shri Gopal ji has rightly pointed out that if the office space / (described by you as commercial flat) is in a commercial complex, then also it is exempt irrespective of use or not use.

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