Income to be offered or not

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This query is : Resolved

Raghu Ram V.V (Querist)
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24 January 2013 Sir/ Madam,

Our client has an urban vacant land admeasuring 416sq.yards. It was let out for rent and the rental income is being derived.
Now, while filing the wealth tax return, do we need to offer the rent as income or is there any specific exemption from such rental income.

Amol S Joglekar

Amol S Joglekar (Expert)
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24 January 2013 For wealth tax, you need to take the VALUE of plot. Rental income shall be shown in income tax return. No exemption per se. You can claim the deductions.

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