Income Tax benefit and wealth tax liability?

Tax queries 1064 views 4 replies

Dear Friends

                     I am a salaried person from Mumbai.My annual salary is 30L.

                       I have two flats registered in my name (jointly with wife) in Mumbai purchased with loan.My company allows tax benefit for 1 flat only.I am claiming return for full interest paid on the second flat "Loss from house property"and for the self occupied flat the normal interest benefit of 1.5L interest and principal upto 1 L under 80C.

                  I have also purchased a third flat at Kolkata recently . Can I get interest  benefit under "Loss from house property" on this flat as well?

Will I have to pay Wealth Tax if I claim IT return for all three flats?                     

                 Thanks for your response in advance.

                  ame

Replies (4)

in wealth tax one house is exempted so u have pay on all the extra houses

 

You can get interest benefit on 3rd Flat, if it is let out. Wealth Tax exemption would be on only one flat.

1 ghar ki chut mili hain aur duasare sabhi per Tax lagega

Dear Friends

                       Thanks for your response.For wealth tax first house is exempted , I also read that if the house is on rent then also it is exempted .

                    Can anyone comment on that ?

                   Also Wealth tax is calculated as 1% of  net wealth above 15 Lakh,am i right?

                 My loans are almost 85% of property cost . 

                What should be my wealth tax liability ?

               regards

                

 

 

 


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