Wealth Tax on Factory or Building Not Treated as Business !

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This post about the renting of factory and its implication under Wealth Tax Act is asked by Dr Rathore, a premium subscriber in the Question & Answer module . Since the answer to the question needs elaborate reply with fair citation of case law , is given in main post .The question asked by Dr Rathore is

If there is a  factory building  given on rent ….located in an industrial area……will this asset  be taxable as per wealth tax act. ?

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