Wealth tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2013
whether the exemption under section 5 of wealth tax is limited to one plot of land less than 500 sq meters or n number of plots of land less than 500 sq meters per plot are exempt.If n number of plot are exempt please quote a case law
27 December 2013
It is in respect of only one plot.
See the language-
Exemption under 5(vi) shall be allowed in case of an individual and huf in respect of (a) one house or part of house OR (b) Plot of land of 500sq mts or less.
It is plot of land "not plots"
See the language-
Exemption under 5(vi) shall be allowed in case of an individual and huf in respect of (a) one house or part of house OR (b) Plot of land of 500sq mts or less.
It is plot of land "not plots"
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