net wealth computation

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anupama shenoy (Querist)
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03 March 2010 whether an apartment which is under the possession of the assessee is considered for net wealth when further investment is made on that asset for renovation and repairs? if it is considered what is the position of such asset for net wealth taxation?
please give the source for further reference

Nilesh Shah

Nilesh Shah (Expert)
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04 March 2010 Nilesh Shah Writes:'

House is included in the definition of assets under section 2(ea) of the Wealth Tax Act.

However one house or a part of the house is exempted from payment of wealth tax under section 5(vi) of the Act.

Therefore the appartment in your case, if that be the only appartment owned by the assessee, will be exempt.

Consequently expenditure on renovation of that only house will also be exempt.

Sincerely,

Nilesh Shah

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anupama shenoy

anupama shenoy (Querist)
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04 March 2010 thank u sir for your response. Sir, in my query, the said apartment is not the one house which is exempted. It is purchased as a policy of investment. whether it is taxable in the hands of assessee as net wealth. the renovation and repair is still in process.

CA CS Ravi Mehata

CA CS Ravi Mehata (Expert)
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02 July 2010 ya it would be taxable in net wealth of assessee.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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02 July 2010 yes such asset will be includ for net wealth taxation.

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