Deemed ownership of building allotted under cooperative house building schemes treated as part of net wealth for wealth tax valuation. A member allotted or leased a building or part under a house building scheme is deemed the owner and the value of that building or part is included in the assessee's net wealth. In determining that value, outstanding instalments payable under the scheme towards the cost of the building and appurtenant land are to be deducted as a debt owed by the assessee, irrespective of how those amounts are described in the scheme.
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.
Deemed ownership of building allotted under cooperative house building schemes treated as part of net wealth for wealth tax valuation.
A member allotted or leased a building or part under a house building scheme is deemed the owner and the value of that building or part is included in the assessee's net wealth. In determining that value, outstanding instalments payable under the scheme towards the cost of the building and appurtenant land are to be deducted as a debt owed by the assessee, irrespective of how those amounts are described in the scheme.
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