Definition of Assets
Under Section 2(ea), Assets means
a) House: Any building or land appurtenant thereto,
Whether used for residential purposes or commercial purposes or for the purpose of maintaining a guest house
or otherwise. It also includes a farm house situated within 25 kilometers from
local limits of any municipality or a Cantonment Board.
But
does not include:
(i).
A house meant exclusively for residential purposes and which is
allotted by a company to an employee
or an officer or a director who is in whole-time employment, having a gross annual salary of less than Rs. 5
Lacs. ;
(ii). Any
house for residential or commercial purposes which forms part of stock-in-trade ;
(iii). Any
house which the assessee may occupy for the purposes
of any business or profession carried on by him;
(iv).Any residential property
that has been let-out for a minimum period of 300 days in the previous year;
(v). Any
property in the nature of commercial establishments or complexes;
b)
Motor cars but does not include:
(i).
Cars used by the assessee in the business of
running them on hire.
(ii). Cars
used by the assessee as stock-in-trade ;
c)
Jewellery: Jewellery, bullion, furniture,
utensils or any other article made wholly or partly of gold, silver, platinum
or any other precious metal or any alloy containing one or more of such
precious metals but does not include Jewellery used by the assessee as
stock-in-trade ;
d) Air/
Water Transport Vehicles, Yachts, boats and aircrafts. But does not include those
held as stock-in-trade and used by the assessee for commercial purposes)
e) urban
land: Means land situated
(i) in any
area which is comprised within the jurisdiction of a municipality or a
cantonment board and which has a population of not less than 10000 according to
the last preceding census of which the relevant figures have been published
before the valuation date ; or
(ii) in
any area within such distance, not being more than 8 kilometers from the local
limits of any municipality or cantonment board referred to in sub-clause (i),
as the Central Government may, having regard to the extent of, and scope for,
urbanization of that area and other relevant considerations, specify in this
behalf by notification in the Official Gazette,
But does not include:
(i).
Land on which construction of building is not
permissible under any law for the time being in force in which such land is
situated.
(ii). Land
occupied by any building which has been constructed with the approval
appropriate authority
(iii). Any
unused land held by assessee for industrial purposes for a period of 2 years
from the date of its acquisition by him.
(iv).Any land held by assessee
as Stock-in-trade for a period of 10 Years from the date of its acquisition by
him.
f) Cash-in-hand
Means:
In case of
Individual and HUF - cash in excess of Rs. 50000
In the case of other persons - any amount not recorded in the books of account.