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.
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.
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 )
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
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.
another two you have to include in wealth tax.
11 July 2014
follow what deepti have recommended.
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