https://www.taxtmi.com/forum/issue?id=573 A company transferred municipal allotted land to a new subsidiary incorporated in 2006-07 to develop a mall. The forum reply states that Wealth tax liability depends on the asset's characterisation: if treated as the class referred to as "SIT" it is not taxable, but if treated as a capital asset it is taxable, so classification determines liability for 2006-07. en-us Sat, 03 Nov 2007 17:31:48 +0530 Thu, 23 Jan 2025 15:58:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=573 A company transferred municipal allotted land to a new subsidiary incorporated in 2006-07 to develop a mall. The forum reply states that Wealth tax liability depends on the asset's characterisation: if treated as the class referred to as "SIT" it is not taxable, but if treated as a capital asset it is taxable, so classification determines liability for 2006-07. Discussion-Forum Income Tax Sat, 03 Nov 2007 17:31:48 +0530 https://www.taxtmi.com/forum/issue?id=573