Article
22 Points
Joined April 2012
Dear Sir, please explain, as per exempted assets under section 5(vi)of wealth tax Act( i.e. A house or part of house or plot of land upto 500 sq. meters) is Urban Land comes under the definition of plot of land? is Guest house, Farm house comes under the definiton of House? for example if assesse (individual) has only A guest house and an Urban Land. then whether he can avail any exemption ?