Wealth tax liability

This query is : Resolved

anckoora (Querist)
Follow

24 January 2015 RESPECTED ALL

I WOULD LIKE YOU TO GIVE ME YOUR GUIDANCE ON FOLLOWING TWO POINTS :

(1) MR. A, A RESIDENT INDIVIDUAL HAS PURCHASED A RESIDENTIAL HOUSE WORTH RS.30 LACS AND THIS PROPERTY IS REFLECTED IN HIS BALANCE SHEET UNDER 'FIXED ASSETS'. HE ALSO FURTHER BUYS ONE MORE FLAT FOR RS.30 LACS. THIS SECOND FLAT IS ALSO REFLECTED IN HIS BALANCE SHEET UNDER 'FIXED ASSET' HE IS NOT HAVING OTHER PROPERTY IN TERMS OF JEWELLERY , SHARES ETC.
NOW, WILL HE BE LIABLE TO PAY WEALTH TAX - AS HE OWNS PROPERTY OF MORE THAN 50 LACS ? IF YES, HOW MUCH HE WILL HAVE TO PAY ? IF NO, PLEASE ELAORATE.

(2)MR. B STAYS WITH MR.A (IN THE HOUSE BOUGHT BY ME.A) WHO IS HIS BROTHER. MR. B HAS HIS BALANCE SHEET SHOWING A HOUSE PURCHASED AT RS.60 LACS. THIS HOUSE IS NOT OCCUPIED BY HIM.MR. B HAS NO ANY OTHE RPROPERTY.
SO, WILL HE LIABLE TO PAY WEALTH TAX AS VALUE OF ASSET IS MORE THAN 50 LACS ?

THANKS IN ADVANCE.

ANKURBHAI

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

28 January 2015 (1) one house used for residential purposes is exempt u/s 5(vi) of wealth tax act. So residential house will be exempt while flat needs to be taken into account.

(2) In case of Mr B since he has only one house this can be claimed as exempt u/s 5(vi).

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Dhananjay Singh

Hmr Babu

Mikilesh Shah

CA Jyoti Singh

Phani

Subscribe Now

Wealth tax liability

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Manager- Finance and Compliance

Accountant

GST CONSULTANCY

CA Final

GST CONSULTANT