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Wealth tax on residential house

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(Querist)
04 November 2014 A house owned by a Company has been occupied by its Employee with Annual salary of Less than 10Lacs for initial 6 months and later on let out on rent. Whether wealth Tax is payable on the same?
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Amol S Joglekar

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Amol S Joglekar (Expert)
04 November 2014 the status as on valuation date i.e.31/03/20XX needs to be considered for Wealth Tax. As the status of house as on valuation date is house given on RENT, it needs to satisfy the condition of 300 days. It will be regarded as ASSET for Wealth Tax purposes
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