I have constructed 3 houses in Jan 2013. So could not be let out for more than 300 days. Let out for 60 days in 31-03-2013 and for 365 days in 31-03-2014. Whether the value is to be included in the net wealth for 31-03-2013 ??
gopal (proprietor) (56 Points)
04 November 2014I have constructed 3 houses in Jan 2013. So could not be let out for more than 300 days. Let out for 60 days in 31-03-2013 and for 365 days in 31-03-2014. Whether the value is to be included in the net wealth for 31-03-2013 ??
Ishan kewlani
(Article)
(172 Points)
Replied 04 November 2014
It it is a stock in trade for you then it is not to be included in wealth. But if it is an investment then it is to be included in wealth on 31.3.13. Exemption u/s 5 vi can be taken for one house. For 31.3.14 if all 3 houses let out for 300 days or more then exempt.
gopal
(proprietor)
(56 Points)
Replied 04 November 2014
It is an investment. when the asset came into existance just 75 days it cannot be let out for 300 days. Any exceptions to the rule of 300 days?????
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