wealth tax

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C.A. LINESH PATIL

C.A. LINESH PATIL (Querist)
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25 October 2010 if a house property is self occupied so its value shall be decided as on valuation date.

CA Punit

CA Punit (Expert)
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26 October 2010 house property is a taxable asset whether self occupied or let out

hwever...one house property of part thereof is exempt u/s 5(vi)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

C.A. LINESH PATIL

C.A. LINESH PATIL (Querist)
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26 October 2010 if a house property is occupied for 12 month for own residential purpose by assessee then how it would be valued in wealth tax.

whether it has any different rule for valuation.or will be valued as per Rule 3,4,5
but in this case there will no rent.now how NMR will be decided.

Plz clarify

R.SURESH SHRINIVASAN

R.SURESH SHRINIVASAN (Expert)
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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.

C.A. LINESH PATIL

C.A. LINESH PATIL (Querist)
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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.

Plz answer my required answer
Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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".

C.A. LINESH PATIL

C.A. LINESH PATIL (Querist)
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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.

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