Meaning of assets for wealth tax: specified asset categories and statutory exclusions determine what holdings are taxable under the law. The meaning of assets for wealth tax lists taxable categories-houses (including specified farm houses), motor cars (excluding business-use), jewellery and precious-metal articles, yachts/boats/aircraft (excluding commercial-use), urban land, and unrecorded cash above the prescribed threshold-and provides exclusions for assets held as stock-in-trade or used in business. Definitions clarify that jewellery includes ornaments and precious/semi-precious stones, and that urban land comprises areas within municipal/cantonment limits or specified adjacent areas while excluding land where construction is prohibited or certain industrial or trading holdings.
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.
Meaning of assets for wealth tax: specified asset categories and statutory exclusions determine what holdings are taxable under the law.
The meaning of assets for wealth tax lists taxable categories-houses (including specified farm houses), motor cars (excluding business-use), jewellery and precious-metal articles, yachts/boats/aircraft (excluding commercial-use), urban land, and unrecorded cash above the prescribed threshold-and provides exclusions for assets held as stock-in-trade or used in business. Definitions clarify that jewellery includes ornaments and precious/semi-precious stones, and that urban land comprises areas within municipal/cantonment limits or specified adjacent areas while excluding land where construction is prohibited or certain industrial or trading holdings.
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