https://www.taxtmi.com/circulars?id=8852 Additional wealth-tax on urban immovable properties is assessed on the equity in each charged urban asset, i.e., market value less debts specifically charged to it. Debts not attributable to particular assets are to be deducted first from other assets and only excess amounts may be applied against urban assets. From the amended Schedule, debts incurred for acquiring, improving or constructing an urban asset-secured or unsecured-are deductible from that asset's gross value. Administratively, no additional levy should be imposed when net wealth is negative or below the exemption, nor exceed the taxpayer's net wealth. en-us Sat, 15 Apr 1972 00:00:00 +0530 Sat, 28 May 2011 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8852 Additional wealth-tax on urban immovable properties is assessed on the equity in each charged urban asset, i.e., market value less debts specifically charged to it. Debts not attributable to particular assets are to be deducted first from other assets and only excess amounts may be applied against urban assets. From the amended Schedule, debts incurred for acquiring, improving or constructing an urban asset-secured or unsecured-are deductible from that asset's gross value. Administratively, no additional levy should be imposed when net wealth is negative or below the exemption, nor exceed the taxpayer's net wealth. Circulars Income Tax Sat, 15 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8852