Exemption under wealth tax
This query is : Resolved
01 March 2013
Exemptions in respect of certain assets.
Sec5(vi) one house or part of a house or a plot of land belonging to an individual or a Hindu undivided family :
Provided that wealth-tax shall not be payable by an assessee in respect of an asset being a plot of land comprising an area of five hundred square metres or less.
SITUATION
Suppose an assessee has following info:
1. House A valued 50L
2. House B valued 200L
3. House C valued 10L
4. Plot of land M measuring 1000sq. mtr valued 500L
5. Plot of Land N measuring 400sq. mtr valued 250L
Query:
assessee can avail exemption only on plotN ?
or
both House B(under clause) and plot N(under proviso)?
Sec5(vi) one house or part of a house or a plot of land belonging to an individual or a Hindu undivided family :
Provided that wealth-tax shall not be payable by an assessee in respect of an asset being a plot of land comprising an area of five hundred square metres or less.
SITUATION
Suppose an assessee has following info:
1. House A valued 50L
2. House B valued 200L
3. House C valued 10L
4. Plot of land M measuring 1000sq. mtr valued 500L
5. Plot of Land N measuring 400sq. mtr valued 250L
Query:
assessee can avail exemption only on plotN ?
or
both House B(under clause) and plot N(under proviso)?
Guest
Guest
(Expert)
01 March 2013
one house availabe to assessee for residential purpose and hence exempt. now for plot of land he has to choose plot N since it qualifies for exemption.
16 August 2023
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