hi,
i have property of 30lakhs but i have another site whic is given to rent for nursery excluded from my 30 lakhs property.i heard property given for nursery rental need not pay wealth tax...?? is it true?
1 Replies
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 23 May 2014
If the said property of Rs.30 lac is a residential house and the another property is a plot of land(urban) whose area does not exceed 500sq.mtr then u can take exemption on the either of the two.
There is no such exemption provided in wealth tax act regarding nursery rental income. The only exemption is that if that property is situated in rural area then it is exempt.
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