Building Under Construction Not Exempt from Wealth Tax; Land Considered Asset Despite Construction Start.

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Full Text of the Document

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....Net wealth - if the building under construction is not to be regarded as building then the land on which the construction is started will have to be included in the assets under clause (v) because land mentioned therein does not carry any qualification or the adjective vacant and that even otherwise the land does not lose its value as an asset simply because construction is started thereon. - HC....