Wealth tax

Querist : Anonymous (Querist) 14 January 2012 This query is : Resolved
Father had bought 2 pieces of land to construct house but never constructed a house and also never paid wealth tax. He died 2 years ago. Present value of land is approc 2 crore. Son wants to get mutation in his name. Will he face any trouble? What does he need to do now?

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Deepak Nair (Expert) 14 January 2012
Better to consult the concerned revenue department.

In my view, you shall not face any issue other than paying the unpaid tax along with some penalty.

Rajeev Kumar (Expert) 14 January 2012
Consult the revenue depatment

Raj Kumar Makkad (Expert) 14 January 2012
Wealth tax is payable on net wealth on ‘valuation date’. As per Section 2(q), valuation date is 31st March every year. It is payable by every individual, HUF and company. Tax rate is 1% on amount by which ‘net wealth’ exceeds Rs 30 lakhs from AY 2010-11. (Till 31-3-2009, the limit was Rs 15 lakhs). No surcharge or education cess is payable.

Any house (may be residential house or used for commercial purposes) which forms part of stock-in-trade of the assessee is not treated as “asset”.

Deepak Nair (Expert) 14 January 2012
Dear Rajkumar Sir,
What about the unpaid tax?? What is the provision regardig that?? Please reply...

prabhakar singh (Expert) 15 January 2012
You have been rightly told about wealth tax.
Mutation proceedings have to go else where and there should not be any such question about clearance of wealth tax as pre condition for mutation order.

M/s. Y-not legal services (Expert) 15 January 2012
yes sir., am also eager to clear my self from deepak's question..

-tom-

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