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Wealth tax computation

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(Querist)
13 July 2012 Ijust want to know whether we are liable to pay wealth tax if we own two properties of house out of which one is rented and another one is using for own purpose of stay
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CS Divya Sorayan

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CS Divya Sorayan (Expert)
13 July 2012 The following asset is totally exempt from Wealth Tax (Section 5).
One house or part of a house (with effect from 1.4.1999 one house or part of a house or a plot of land) belonging to an individual or HUF is exempt from Wealth Tax. So ur residential house isnot taxable and if the value of the rented house exceed Rs. 15 lakhs then u hv to pay 1% tax on its value.
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Tushar Desai

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Tushar Desai (Expert)
13 July 2012 i agree with Ms Divya.. and the value to be considered is not the market value. You will consider the value mentioned in your "DASTAAVEJ".
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