wealth tax
This query is : Resolved
23 October 2009
my query is regarding valuation of immovable property ( a flat) put on rent:
- the flat was bought on 1st july and put on rent within a week.
- now 1 of the provisions of wealth tax act says that if a property is put on rent for more than 300 days - it is exempt.
- now in this case the ownership of flat itself was less than 300 days.. if it was more then it wud hv been put on rent and hence it wd have been exempt.
is there any provision claim exemption in this case?
- the flat was bought on 1st july and put on rent within a week.
- now 1 of the provisions of wealth tax act says that if a property is put on rent for more than 300 days - it is exempt.
- now in this case the ownership of flat itself was less than 300 days.. if it was more then it wud hv been put on rent and hence it wd have been exempt.
is there any provision claim exemption in this case?
23 October 2009
In this regard, Ownership is not the criterion. mere possession will do.
27 October 2009
yes but posession was less than 300 days ...so it cud not hv been put on rent for more than 300 days. .. is there wealth tax liability?
or is there some provision to calculate proportionate days ?
or is there some provision to calculate proportionate days ?
04 January 2010
thr is oly one criterion. And that is providing the house for rent for more than 300 days and can be claimed as an exemption. If the Assessee is not able to giv it on rent for 300 days, Exemption is NOT AVAILABLE. Here the question of Ownership doesnot arise.
Conclusion: Assessee can not claim Exemption. No provision for proportionate exemption
Conclusion: Assessee can not claim Exemption. No provision for proportionate exemption
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