Is it attract of wealth tax

Tax queries 586 views 1 replies

Roopeshkumar L

Artical

142 Points Joined December 2010

Hi all,

Mr. A is indian citizen, now he is in USA has acquired USA citizenship (now is a non-resident) had purchased a house in 2003 for Rs. 96 Lakh ( In India), its vacant & not let out, he does not any other house in India.

He is liabile Pay Wealth Tax...........?

Replies (1)

Guest

No. An individual will be allowed to claim exemption in respect of 1 house or vacant land upto 500 sq mtr. Hence Mr. A can claim exemption & will not be liable to wealth tax.