26 October 2010
Valuation of residential property for the purpose of wealth tax has to be done in accordance with rule 3 to 8 of Schedule 111(Part B)of the Wealth tax Act,1957.
26 October 2010
Residential purpose is taxable as asset U/S 2E(A). But provided such residential purpose forming part of stock-in-Trade then it excludes from the meaning of asset.
In the case of individual/Huf One haouse or plot of land not exceeding 500 square meters. is exempt from wealth tax u/s 5.
26 October 2010
Dear all the experts i know all these things which you are telling what i am asking is how to make valuation for residential property for the purpose of charging wealth tax.
26 October 2010
Linesh Ji, you may read carefully the rules that I have mentioned. You will get the answer. May I remind yoy a good old saying " If a baby is regularly fed by a spoon, the baby will know the measurement of the spoon only".
27 October 2010
so much thanks for your reply. I can do by my own, i just have few days for exam and i read that n could not pick up the point and while solving scanner they have adopted 2 different approach for same problem. thats why i thought to ask the experts. and by the way i have done by full PE 2 & final studies self. I think you took me wrong.bcoz of just lack of time i was asking accurate answer.otherwise i never want to be depend on some one else to the extent i can do by my own. so thanks to remind me that i should continue to work by my own as i have done in past.
So much thanks to tell me Rule number. even if you hurt then sorry. being an junior so sorry to you n hope for your pardon.
CAclubindia
