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Wealth tax query
a residential house which is let out for 300 days or more is not an asset under wealth tax act.. but I am still calculating the question in which rent is Given for whole year. if it is not an asset then why valuing the asset?
Replies (1)
hehe...nice logic... but unfortunately ICAI will not agree to this. To them this rent is actually FMV/Annual municipal value of the house.
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