Wealth tax

There is no monetory limit as such. But there is an exemption provided under section (vi)  that one house property owned by assessee is exempt. If assessee owns more than one house property, he can choose the property with higher value to be claimed as exempt and offer the one with lower value to tax. There are certain other exceptions where house property is not treated as 'Asset for wealth tax like House let out for more than 300 days, house used for own busniess or profession of assessee etc.