Login  |  Register  |  Forgot Password 
Below Login Ad

Forum Statistics

  Top Threads
  Today's Topics

Browse By Category

Accounts
Audit
Banking
Career
Corporate Law
Custom
Exams
Excise
FEMA
Finance
General
ICAI
ICSI
ICWAI
Income Tax
Service Tax
Shares & Stock
Students
VAT
 
 
Discussion < Income Tax < WEALTH TAX SECTIONS
Post Topic

Rahul Bansal


[ Scorecard :164 ]

 

 

Wealth Tax

 

·           Section 3 – Charge of Wealth Tax

·           Section 45 – Wealth Tax Act not to apply in certain cases

·           Section 2(ea) – Definition of Assets

-                      Section 2(ea)(i) – Building or Land Appurtenant Thereto

-                      Section 2(ea)(ii) –Motor Cars

-                      Section 2(ea)(iii) – Jewellery

-                      Section 2(ea)(iv) – Yachts Boats & Aircrafts

-                      Section 2(ea)(v) –Urban Land

-                      Section 2(ea)(vi) – Cash in hand

·           Section 4 – Deemed Assets

-                      Section 4(1)(a)(i) – Assets transferred to spouse

-                      Section 4(1)(a)(ii) – Assets transferred to minor child

-                      Section 4(1)(a)(iii) – Assets transferred to any person or AOP for benefit of spouse

-                      Section 4(1)(a)(vi) –Assets transferred otherwise than irrevocable transfer

-                      Section 4(1)(a)(v) – Assets transferred to son’s wife

-                      Section 4(1)(a)(vi) – Assets transferred to any person or AOP for benefit of son’s wife

-                      Section 4(1)(b) –Interest of Partners of a Firm or members of AOP

-                      Section 4(1A) – Conversion by an individual of his self acquired property into joint family property

-                      Section 4(5) – Any assets transferred under an Irrevocable Transfer

-                      Section 4(5A) – Gifts by book entries

-                      Section 4(6) – Holder of Impartible Estate

-                      Section 4(7) – Member of Co-operative group housing society

-                      Section 4(8)(a) – Deemed Ownership on Possession

·           Section 5 – Exemption in respect of certain Assets

-                      Section 5(i) – Property held under Trust

-                      Section 5(ii) – Interest in the coparcenary property of any HUF

-                      Section 5(iii) – Building in occupation of ruler

-                      Section 5(iv) – Jewellery in the  possession of any Ruler

-                      Section 5(v) –Returning Indians

-                      Section 5(vi) –House or plot of land belonging to an Individual or HUF

·           Section 2(m) – Debts

·           Section 6 – Exclusion of assets and Debts outside India 

Assessment Procedure Under the Wealth Tax Act

·         Section 14(1) – Filing of Wealth Tax Return

  • Section 14(2) – Return of net wealth below the maximum amount not chargeable to tax
  • Section 15A – Signing of Return

Valuation Of Assets

·         Schedule III Read with Section 7  Valuation Of Immovable Property

·         Section 7 – Value Of Assets How To Be Determined

  • Rule 3 To 8 – Determination Of Value Of Immovable Property As Per Part B Of Schedule –III
  • Valuation Of Immovable Property As Per Rules 3, 4 & 5 Of  Part B Of Schedule –III
  • Rule 6 – Adjustment Of Unbuilt Area Of Plot Of Land
  • Rule 7 – Adjustment For Unearned Increase In The Value Of Land
  • Rule 14 – Valuation Of Assets Of Business
  • Rule 15 & 16 – Valuation Of Interest In A Firm Or AOP
  • Rule 17 – Valuation Of Life Interest
  • Rule 18 & 19 – Valuation Of Jewellery

-                      Circular No. 646

  • Rule 20 – Valuation Of Other Assets
  • Rule 21 – Restrictive Covenant To Be Ignored In Determining The Market Value

Liability To Assessment In Special Cases

  • Section 19 – Tax Of Deceased Person Payable By Legal Representative

-                      CWT Vs. H. S. Chauhan (Delhi High Court)

  • Section 19A – Assessment In Case Of Executors
  • Section 20 – Assessment After Partition Of A HUF
  • Section 20A – Assessment After Partial Partition Of A HUF
  • Section 21A – Assessment In Case Of Diversion Of Property, Or Of Income From Property, Geld Under Trust For Public Charitable Or Religious Purposes
  • Section 22 –Assessment Of Persons Residing Outside India
  • Section 33 –Liability Of Transferees Of Properties In Certain Cases
 

 

 

EDUCATION CESS OF 3% IS NOT APPLICABLE FOR WEALTH-TAX








VENKATESH REPALA


[ Scorecard :1552 ]

thanx for ur sharing

Reply to this Discussion

You need to be logged in to post comment
 
 
www.casansaar.com
...keeps you updated
Home News Articles Forums Members Community Jobs Empanelment Files Matrimonials Students Queries Classifieds Events About us  Top Members Coaching Centres TestimonialsJudiciaryNotifications/CircularsBookseDirectoryWebsiteEmailseDirectory |   Score Board |   Press Release   |   Blood Bank   |   Opinion Poll   |   Feedback |   Advertise us |   Terms & Conditions |   Contact us
Follow Us : Twitter Icon Facebook Icon Orkut Icon Linkedin Icon

CASANSAAR Updates

↑ Grab this Headline Animator

Developed By: CASANSAAR Copyright@casansaar