TaxTMI 
TaxTMI 
Whether wealth tax is levied on commercial flat not using for business?
04 May 2010 
2 Replies 
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Wealth tax exemption for commercial-complex units applies regardless of current use; valuation-date use must be proved convincingly.
A unit within a commercial complex is exempt from wealth tax as not being a taxable asset, regardless of actual use; classification between residential and commercial depends on the unit's nature. Determination turns on use on the valuation date, which may be by owner or tenant, and the claimant must prove the factual position on that date with clear and convincing evidence to qualify for exemption. (AI Summary)
A unit within a commercial complex is exempt from wealth tax as not being a taxable asset, regardless of actual use; classification between residential and commercial depends on the unit's nature. Determination turns on use on the valuation date, which may be by owner or tenant, and the claimant must prove the factual position on that date with clear and convincing evidence to qualify for exemption. (AI Summary)
A commercial flat not using for business, whether liable to wealth tax in year, earlier it was let out.