Wealth tax query ay 1998-99

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2012 The assessee is the owner of commercial property in the AY 1998-99. During the year the assessee has let out part of the property on rental basis for the whole year. The assessee has shown the said property under "Fixed Assets". Will the said property under question be exempt to wealth tax under Wealth Tax Act for the AY 1998-99?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 January 2012 It is a property which can be said as a commercial establishment. It is exempt vide exception 5 to the subsection (i) of Section 2(ea).

Querist : Anonymous

Querist : Anonymous (Querist)

21 January 2012 Thank You Sir.

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