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?
Amol S Joglekar
(Expert)
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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