Scenario 1 - A person introduces his land as capital contribution to the firm, can the amount payable towards such capital be claimed as 'debt owed' by the firm for wealth tax purposes...
Scenario 2 - Or is it possible to transfer land to the firm not as capital contribution, and hence can the amount payable be regarded as debtowed by the firm for wealth tax purposes
what i could understand is that in computing wealth in the hands of the firm, whether capital or otherwise is a debt. There is no wealthtax liability on the firm since as per sec.3(2) of the Wealth tax Act, it is only the indl;huf and company and firm is not included. Obviously,because partners interest in firm needs to be valued. If it is stockintrade in the hands of the firm ,it is exempt. If it is fixed asset ,value therein to be admitted as per the procedure of computation of share of interest in firm.