Wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 December 2013
Case : Mr. A lives in Kolkata along with his brothers in his father's house.His father has expired in 2005 but the property has not been divided among the brothers. The family lives jointly. Now, Mr. A purchases a house property in his own name in Delhi in 2011. As per Wealth Tax Act, will Mr. A be able to claim exemption of his Delhi's house property (as residential) while filing his Wealth Tax Return in 2013.
If there is any other approach, kindly let me know.
If there is any other approach, kindly let me know.
23 December 2013
Yes one residential HP is allowed as exemption under sec 5 of wealth tax act.
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