Wealth tax

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BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
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20 November 2010 Who can exemption claim in wealth tax of residental house proprity.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 November 2010 Wealth-tax is not levied on productive assets. So, w.e.f. 1-4-1999 i.e. for A.Y, 1999-2000 and subsequent years, wealth-tax would also not be levied on such residential properties that have been let-out for a period of a minimum of three hundred days in a year.

Also, any house which is meant exclusively for residential purposes and is allotted by a company to an employee having a gross annual salary of less than Rs.5 lakhs is not taxable.

BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
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21 November 2010 If assesse more then one RHP then claim exmeption U/s 5(iv) . Then my oue.. is if assesse is firm .What treatment will do the assesse . thanks you .

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