20 December 2013
An assesse has the following assets. ASSET BALANCE AS PER IT FILE ( 31.3.2013 ) RESIDENTIAL HOUSE -1 3282093.00 (ASSESEE RESIDENCE ) RESIDENTIAL HOUSE -2 750000.00 LAND 1 - 1292736.00 LAND 2 - 216180.00 ( Both the land were given on rent for godown purpose) Debt against House 1 - 1533847.00 Now my question is how to compute net wealth for the assesse.whether i shall take the value of assets as per income tax or i have to arrive it in any other way. Pls suggest, if possible provide me the computation.
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