Law: Wealth Tax Act, (XV of 1963)

Section: 2(e)(ii),2(m)

(a) Wealth Tax Act (XV of 1963)--- ----S. 2(e), Para. (ii), Explanation [as amended by Finance Act (XII of 1991)]--­Legislative history. (b) Wealth Tax Act (XV of 1963)--- ----S. 2(e), Para. (ii), Explanation [as amended by Finance Act (XII of 1991)]--­Assets---Any immovable property held for the purposes of letting out or business of letting out or for construction and letting out or for construction and sale by a firm, an association of persons or a body of individuals whether incorporated or not, and a company, falls within the definition of an `assets' and is thus exposed to wealth tax. B.P. Biscuit Factory Ltd., Karachi v. The Wealth Tax Officer Civil Appeal No.K-140 of 1981 no more good law. (c) Wealth Tax Act (XV of 1963)--- ----S. 2(c), Para. (ii), Explanation [as amended by Finance Act (XII of 1991)]--­Words `shall be deemed always to have been so added' have made Explanation to S.2(e), para. (ii) retrospective in operation and Explanation is a clarificatory piece of legislation in nature---Association of persons would thus be assessable under Wealth Tax Act, 1963 if they held an immovable; property for the purposes of letting out only. (d) Wealth Tax Act (XV of 1963) --- - ----S. 2(e), (i), (ii) & 2(m), Explanation (iii) & 3 [as amended by Wealth Tax (Amendment) Ordinance (II of 1980), Finance Ordinance (XXV of 1980) and Finance Ordinance (XII of 1991)]---Notional A.O.P. and real A.O.P.---Concept. (e) Wealth Tax Act (XV of 1963)--- ----Ss. 2(e)(i) & 2(m), Explanation (iii) & 3 [as amended by Wealth Tax (Amendment) Ordinance (II of 1980), Finance Ordinance (XXV of 1980) and Finance Ordinance (XI1 of 1991)]. If an individual has been enjoying any right, title or interest in any immovable property, he is liable to wealth tax irrespective of the assessment year and irrespective of the fact whether it is let out on rent or is self-occupied. (f) Wealth Tax Act (XV of 1963)--- ----Ss. 2(e)(ii) & 2(m), Explanation (iii) & 3 [as amended by Wealth Tax (Amendment) Ordinance (II of 1980), Finance Ordinance (XXV of 1980) and Finance Ordinance (XII of 1991)]. If more than one individual fall within the definition of A.O.P. they would be…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492