Urgent wealth tax implication

CA Rahul Sharma (Asisstant Manager Finance)   (697 Points)

25 July 2013  

I hav a query about wealth tax implication. Assesse is already assessing as a wealth tax assessee, owning assets above 30 lakhs including 3 house properties now he has constructed new house in jan 2013 ie in fy 2012-13 and let it out on rent. as per wealth tax act a house given on rent for 300 days or more is not included in definition of assets. Now whether this new house is to be included in wealth or not. that is the matter,please frnd give ur views/advice and whether there is any law/rule/supporting for that thanks in advance......