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Wealth Tax

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(Querist)
11 May 2009 Assessee is having followings assets, what will be taxable.
1. Residential House in morethan 500Sq. Meter area.
2. Site less than 500 Sq. meter in urban area.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 May 2009 One among the two,at the assessee's option, is taxable. The other one is exempted u/s 5(vi) of The Wealth tax act,1957.
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