Wealth tax on incomplete property

Bhaskar Dey (Querist) 07 April 2013 This query is : Resolved
Sir,
I already have a house in which I stay with my family. I have booked a flat for which I paid a total of Rs.37,00,000/- (Rupees Thirty Seven Lakhs) in instalments, in the last financial year ending 31.3.2013. No loan was taken. The flat is still incomplete and not handed over. The Developer says it will take another two months for completion and handing over. Since the amount of instalments paid is more than Thirty Lakhs, I am worried if I have to pay Wealth Tax on this property.
Please advise if I have to pay Wealth Tax on this incomplete property?
Thanks in advance,
B.Dey

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Raj Kumar Makkad (Expert) 07 April 2013
As the possession has not been handed over to you during the financial year 2012-13, you need not worry for the payment of wealth tax for that year.