Wealth tax
YAGNESH HASMUKH DAVE
(Querist) 27 June 2013
This query is : Resolved
SELF OCCUPIED RESIDENTIAL FLAT IN MUMBAI BESIDE THIS TWO MORE RESIDENTIAL FLATS AT DIFFERENT CITIES AND GIVEN ON RENTAL BASIS UNDER WEALTH TAX WHETHER ALL THREE FLATS ARE EXEMPETED OR ANY ONE FLAT IS ONLY EXEMPETED FROM WEALTH TAX PL CLARIFY
ajay sethi
(Expert) 27 June 2013
i believe exemption is for one self occupied flat . better consult your CA
Rajendra K Goyal
(Expert) 27 June 2013
Wealth tax is charged on net worth as per provisions of Wealth tax. Net worth may be as under:
Net wealth is the aggregate value, computed under the provisions of the W.T. Act, 1957, of all assets (including deemed assets), belonging to the assessee on the valuation date, Minus the aggregate value of all debts owed by the assessee on the valuation date which have been taken in relation to the assets attracting wealth tax.Source: Income Tax Department
House Property (Guest House, residential house or commercial) is included in computing net worth.
We could not trace instructions regarding excluding one residential house (self occupied) out of three. for the purpose.
Adv Archana Deshmukh
(Expert) 27 June 2013
One house is exempted from the wealth tax under s. 5(vi) of the wealth tax act.
Raj Kumar Makkad
(Expert) 30 June 2013
No more to add as you have rightly been advised.
