My problem related to Income from House property
1) If vacant house in foreign is it deemed to be let out as under the house property.
2) if yes, then how to calculate NAV
3) what about Wealth Tax ????
CA Shiv
(Business Controller)
(2987 Points)
Replied 02 July 2010
I will advice not to show it in Wealth tax.
and if you want to disclose it than:
1.Yes it will be deemed to be let out.
2. NAV will be the depending upon the market rent rate in the city multiplied by the exhange rate..
3. to be included in the welath tax.
CA.Swathi Jain
(CA )
(155 Points)
Replied 03 July 2010
Under wealth tax: A Bulding is considered as asset only if it is let out for less than 300 days during the previous year. So the Vacant house ur asking will be chargable to wealth tax.
CA.Swathi Jain
(CA )
(155 Points)
Replied 03 July 2010
Under the head income from house property :-
1. For a resident his global income is chargable to tax in india.
2. For a resident but not ordinarily resident and a non resident, a person has to receive rental income in india from the property located outside india for it to be chargable to tax in india.
3. If the 2 st condition is satisfied then the NAV would be computed as if the property is located in india.
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