URGENT!!! query regarding wealth tax URGENT!!!

Dear Sravan,

I think you mean to say that 'whether the same house is to be made taxable under wealth tax, which has been considered as deemed let out under Income tax" {Pls reply if u meant something else}

 Answer is "NO", both acts are different & assessee has the option to choose any house...

But in most of the cases you will find that it is more beneficial for the assesee to claim same house as exempt under both the acts beacuse the computation provisions are based on Fair Rent Value or Municipal Valuation

thanks Amir for a very fast reply. You are right amir .My doubt was since the assessee admitted a notional income and paid itax ( as the house becomes a deemed letout property ) has he got to pay tax under wtax too??? Wtax's objective is to tax the idle assets.this asset is already taxed under Itax .any views on this pls!! I want some clarity whether the 2nd house which was a deemed letout property taxable under wtax act if not taxable pls help me with some judgements in this regard..thank u in advance ...