Wealth tax

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Kunal

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90 Points Joined February 2014

How is the valuation done of a asset say flat if a person has not filed his wealth tax return since 2002. and the property is not let out? And it is occupied since 1985. How we will assess the same. in wealth tax for filing return?? thank you please explain with e.g.

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You can take for Gross Maintenable rent for House as adapted by Muncipal Authorities and reduce local taxes paid and 15% of Gross Maintenable rent from it to arrive at Net maintainable rent and multiply it with 12.5 to arrive at valuation of Immovable property. Refer Schedule III for detailed explanation.