Wealth tax

If the flat is rented (for less than 300 days), then Annual Rent has to be calculated and shall be compared with Municipal Value., higher shall be taken as GAV (Gross Annual Value)., the same shall be reduced by Municipal tax (paid or not) and 15% of GAV as adhoc deduciton to get NAV.., and there are further adjustment.

And where, flat is NOT let out., Municipal Value shall be taken as GAV.

Flat let out for 300 or more days is not Asset as per Sec 2(ea) of the Act..

Hoever, since you have provided on one rate., (is it market rate or municipal value).. I can not provide value of that Flat for Wealth Tax purpose..

flat is self occupied sir and the value i mentioned is market value

Mr.Araviind Sharma

Ms.Anupama is asking about valuation as per Part B of Schedule III of Wealth Tax Act, 1957 - Valuation of Immovable Property.

Best Wishes

Sathikonda

Search for Municipal Value... There will be some municipal tax liability, which is also needed..

GAV                                                  Municipal Value

-) 15% of GAV                                              xxxx

-) Municipal Tax Due                                  xxxx

NAV   (A)                                                        xxxx

Multiplier  (B)                                                   12.50

Value of Flat (A * B)                                       xxxx

And above is as per Part B of Schedule II of the Wealth Tax Act

Here, you can find detailed provision about Valuation

/forum/valuation-of-assets-under-wealth-tax-act-1957-60124.asp

thanks..

Dear 

For your information it shall be exempt u/s 5(vi) 

please check and clarify me whether i am right