Wealth tax
This query is : Resolved
Anvay Chaudhary
(Querist)
26 July 2013
Whether the Let Out Property is exempt from the Wealth Tax Act? If Yes, then under which section. And whether it can also be claimed even after claiming the exemption u/s 5(vi) of a property.
CA Vijeta Verma
(Expert)
26 July 2013
A residental property that has been let out for 300days or more is not an asset within the meaning of wealth tax as per definition of asset section 2ea.
5VI is an exemption for the assets which have been included in the assets of assessee.Both are different,So yes it can be claimed.
5VI is an exemption for the assets which have been included in the assets of assessee.Both are different,So yes it can be claimed.
26 July 2013
under exclusion clause of sec 2(ea)If let out for more then 300 days then is should not be included in assets.
yes both can be claimed at 1 time.
yes both can be claimed at 1 time.
Anvay Chaudhary
(Querist)
26 July 2013
Thank you..
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