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Wealth Tax Exemption u/s 5

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(Querist)
07 March 2011 Whether Expemtion u/s 5 of one House is avaialbe if assessee has only one house.

Kindly reply
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
08 March 2011 Exemptio u/s 5(vi) of wealth Tax Act, exemption is available to Individual or HUF
for a house inly. A house may be self occupied or let house.
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Anshul Singhvi

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Anshul Singhvi (Querist)
08 March 2011 If a assessee (being individual)has only one house, then he can claim the exemption u/s 5 (vi) or not.

Pls reply.

Rgds,
Anshul



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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 March 2011 Yes, an Individual assessee can claim exemption u/s 5(vi) of wealth Tax Act as the expert has already mentioned in his reply.
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Prakash Tolani

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Prakash Tolani (Expert)
10 March 2011 Yes, an Individual assessee can claim exemption u/s 5(vi) of wealth Tax Act for one house even he has only one house

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