Urgent wealth tax implication

wealth tax implication starts on valuation date i.e 31.03.2013 and if on that date new house is fully constructed and letout then this house should be included in his wealth.

But he can claim exemption u/s 5(VI) of wealth tax act under any of house owned which have higher value.

Ya Wealth tax will apply on this house as ,as on 31.03.13 the house will be rented only for 90 days or less which falls short of 300 days but if its value is higher than the other three houses than he should claim expemption u/s 5(vi) in respect of this house.

Thanks & Regards,

Kuldeep Singhi