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Exempted assets under wealth tax sec.5

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(Querist)
19 May 2013 Respected sir/mam , is there any relevance of exemption regarding one palace of ex-ruler. and what does here ruler means eg. city palace in jaipur was built in the year 1729 be shri maharaja jai singh ji II n then inhereted by generation to generation last ruler of jaipur was shri Bhawani singh ji is this city palace is also exempted to shri bhawani singh ji also and if yes then is this exemption continue to his hire also plz.
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Anand

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Anand (Expert)
20 May 2013 Yes the exemption will continue.
However, income on hire will be taxable.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
07 July 2013 Since this is inherited property. I think it belongs to HUF of Jai Singhji and one property is exempted in the hands of HUF
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