Wealth tax

This query is : Resolved

Gautam Vasudeva (Querist)
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12 November 2014 There is one confusion in my mind about the rented house property, If the House consist of 5 Rooms and only 1 room is given on rent for full year, will that whole residential property be exempt from wealth tax liability or only that particular portion is exempt.

Sir, its my humble request you to kindly Reply to the above query ASAP

Rupesh Jain

Rupesh Jain (Expert)
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12 November 2014 you can take one house exemption u./s 5(iv)
whether it is let out or self occupied.

Amol S Joglekar

Amol S Joglekar (Expert)
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12 November 2014 What is rented is one room of the house property. So what is exempt is the proportionate value of one room.

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