Income from house property and wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2012
I have commercial house property which is lying vacant form last 6 months. will it be treated as deemed to be let out as per income tax act? and will wealth tax be attracted if value exceeds 30 lakhs?
24 July 2012
Wealth is attracted. If it is vacant for 6 months, suggests that it was klet out for remaining 6 months. The rent received / receivable will be treated as income subject to deductions. No question of deemed let out.
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