Tax on second house property

Hello,
I have one self occupied flat and I have purchased a second flat in November 2014 which is still under construction and possession is expected in October 2015. I have the following questions:
1) Do I have to pay wealth Tax on the second flat which is still under construction?
2)Will the second flat under construction be considered as deemed to be let-out and attract notional rental income ?

Im yet to file my return for A.Y 15-16 what should I do? Pls help......

 

Replies (2)
  1. Wealth tax is abolished from this year.
  2. 2nd flat will be a deemed to be let out property and notional income to be recognized.

1. No wealth tax as building is not complete. Read Case law:"CIT (Central), Ludhiana –vs.- Smt. Neena Jain reported in [2010] 230 CTR 554 (P&H)"

2. Similarly, Since incomplete house does not fall within the perview od definition of House property, no DLOP consideration.

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