Income to be offered or not
This query is : Resolved
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.
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.
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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