hi
i have a site which is given for rent to nursery then should i pay wealth tax
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Wealth tax
Replies (3)
if value of such property and other assets assessable under wealth tax is more than 30lakhs (calculated in accordance with the rules of weath tax act), then must pay wealth tax.
Dear Sir
To answer the above, we need to have the following clarifications?
1. What is the nature of this site?
2. How far it is from Municipality (Airial distance)?
3. In current valuation, Is it cost morethan 30 Lakhs?
Based on the above we can answer your question.
B Bala Pullaiah
hi sir
1.that site is under residential zone...
2.it is under muncipality only
3.in current valuation it is more than 30 lakhs..
but i heard if such site is given to rent for nurserry than need not pay wealth tax...how far is it true..
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