Wealth tax - let out residential property > 300 days
This query is : Resolved
02 February 2015
As per the provisions of Wealth Tax Act, if a residential property has been let out for more than 300 days then the same is excluded from asset for the purpose of Wealth Tax.
My query is:-
I have acquired a residential property on 01/11/2014. The property was let out from the very first day i.e. 01/11/2014.
However if we calculate as on March'15 the no. of days doesn't exceed 300 days.
Will Wealth tax be applicable?
My query is:-
I have acquired a residential property on 01/11/2014. The property was let out from the very first day i.e. 01/11/2014.
However if we calculate as on March'15 the no. of days doesn't exceed 300 days.
Will Wealth tax be applicable?
02 February 2015
In my opinion going by the current provisions of wealth tax it will be applicable in your case even though the house was acquired on 01.11.2014. But wait for other opinions if there is any case law on the subject.
06 February 2015
Thanks for your input Mr. Goyal.
I agree that on plain reading of the provisions of wealth tax it can be inferred that wealth tax is applicable.
However i feel there should be some case law to favour the assessee.
I agree that on plain reading of the provisions of wealth tax it can be inferred that wealth tax is applicable.
However i feel there should be some case law to favour the assessee.
06 February 2015
since the law is pretty much clear in this case it is not exceeding 300 days counting from 1.11.2014 to 31.3.2015 simply it will be included in the calcualtion of asset as per sec 2(ea).
There is no case law required as its very clear in this case.
There is no case law required as its very clear in this case.
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