Wealth tax
This query is : Resolved
Rajan sharma
(Querist)
11 January 2014
under section 7 of wealth tax i get exemption for assets which i bought frm the money in my NRE account 1 year preceding the date of my return and the exemption is enjoyed for 7
successive years.if the government revokes the exemption in between of 7 years then will my wealth wii be taxable frm retrospective effect or prospective effect??
CA Sumit N. gupta
(Expert)
13 January 2014
In my opinion there will be very less probability of withdrawing exemption with retrospective effect. If exemption is given for seven successive year it will applicable to 7 years if otherwise specially withdrawn by provision.
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