Saturday, March 10, 2012

Direct tax Law 2010 (Solved)

Assets Exempted from tax under wealth tax act (Sec.5):
The following assets are exempt from wealth tax (Write only points for short notes)
a)      Property held under trust : Any property held under trust or other legal obligations by the assessee for any public purpose of a charitable or religious nature in India is exempt.
b)      Interest in the coparcener property : if the assessee is a member of H.U.F., he is not liable to pay tax on his share in the joint property, so long as the property remains joint and he continues as the member of that family.
c)       One building in the occupation of former Ruler : any one building which is in the occupation of a Ruler and which has been declared as his official residence by the Central Govt .is totally exempt from tax. However the exemption available only to the Ruler during his life time.
d)      Jewellery in possession of a former : Jewellery in possession of a former Ruler not being his personal property which has been recognized by the Central Govt. as his heirloom, before commencement of Wealth Tax Act or by the board after that shall be exempt. However this exemption is subject to fulfillment of certain conditions like keeping of jewellery in India, in its original shape, allowing authorized person to examine the jewellery as and when necessary
e)      Assets of Indian repatriate : Indian repatriate means a person of Indian origin or a citizen of India who was residing in a foreign country and on leaving such country assessee has returned to India with the intention of permanently residing therein. In this case his following assets shall be exempt for 7 successive assessment years, commencing with the assessment year following the date of his return to India.
(i) Money brought by him in India.
(ii) Assets brought by him in India.
(iii) Any balance in Non-Resident External Accounts in India on the date of his return
(iv) Assets acquired by him out of money in his Non-resident External Account or by sending money from foreign country within 1 year immediately preceding the date of his return to India.
(v) Any assets acquired by him out of money brought in by him in India or out of the balance in NRE account after his arrival in India.
f)       House : One house or part of a house or a plot of land belonging to an individual or HUF is exempt provided size of plot is not bigger than 500 square meters.


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