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Wealth tax

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(Querist)
20 March 2014 Kindly clarify whether if rental income is , received for a property whether the same property as to be showned for wealth tax Return
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CA Jitender Sharma

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CA Jitender Sharma (Expert)
20 March 2014 Dear,
as per WT Act Section 2 house property is an asset, but under exception if same is let out for more than 300days same is excluded from assets.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
20 March 2014 yes if it is let out for more then 300 days in prev FY then it is taxable asset.
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