wealth tax act

priya (Querist) 23 March 2011 This query is : Resolved
Respected sir, my father is a govt. servant. We have a residential house in our city and about 2 acres land in our village. some money is in bank. Except that we have nothing else.
I want to ask that according to wealth tax act 1957, what is our property? Whether the house will be exempted and village land will be excluded from calculation?
Actually i am calculating it for determining whether i am in creamy layer or not( 20 lakhs or 30 lakhs exemption limit) ?
Kindly tell my property.
I will be very grateful to you.

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Gulshan Tanwar (Expert) 11 April 2011

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