Additional wealth-tax on urban immovable properties.

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....perties. A clarification has been sought from the Board on the following issues- (i) Whether for the purposes of levy of additional wealth-tax on the value of urban immovable properties situated in towns of different categories, the debts charged to the properties have to be deducted from the value of the urban assets? (ii) Whether the other debts not relatable to any particular asset should....

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....ince, with effect from 1-4-1971, the position had been clarified in the Schedule by stating that any debt, whether secured or not, incurred for the purposes of acquiring, improving, constructing etc. any urban asset shall be deducted from the gross value of such asset and any other debts shall be deducted first from the value of the other assets; and to the extent that they exceed such value they ....