Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2014 I HAVE 4 HOUSE AS ON 31-03-14

TWO HOUSE HAVE LET OUT

WHICH ONE HAVE FOR FULL YEAR LET OUT
AND ANOTHER FOR 6 MONTHS LET OUT,

ONE HOUSE FOR RESIDENTIAL PURPOSE

ONE HOUSE IS NOT USED FOR ANY PURPOSE

WHICH HOUSE INCLUDE AND WHICH HOUSE EXCLUDE IN WEALTH TAX CALCULATION ?

KINDLY HELP ME ,

THANKS IN ADVANCE.

Deepti Asawa

Deepti Asawa (Expert)
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08 July 2014 Ist House = exempt ( rented more than 300 days )
IInd House = Include in wealth calculation
IIIrd House = Include in wealth calculation
IVth House = Include in wealth calculation

As per Section 5(vi)of Wealth Tax Act - Individual or HUF can take exemption for 1 residential house
so that you can take exemption for 1 house (any 1 from IInd, IIIrd , IVth house )

Message likes : 1 times

Rupesh Jain

Rupesh Jain (Expert)
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08 July 2014 you can take one house for his resident and another one for rented of 300 days then exempt.

another two you have to include in wealth tax.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 July 2014 follow what deepti have recommended.

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