Wealth Tax
This query is : Resolved
19 January 2011
Dear Experts,
I already one residential property in my balance sheet worth of 23 lakh and in F.Y. 2010-11 I have added another commercial property (office) for 80 lakh did I liable to wealth tax pls. explain
I already one residential property in my balance sheet worth of 23 lakh and in F.Y. 2010-11 I have added another commercial property (office) for 80 lakh did I liable to wealth tax pls. explain
19 January 2011
No you need not to pay tax as both the house is not taxable under wealth tax act
--
commercial house is not wealth and residential house is exempted u/s 5(vi)
--
commercial house is not wealth and residential house is exempted u/s 5(vi)
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