Taxation
YAGNESH HASMUKH DAVE
(Querist) 03 March 2014
This query is : Resolved
I AM HAVING RESIDENTAIL BUNGLOW WICH IS SELF OCCUPIED BY ME AND OTHERS 2 RESIDENTIAL FLAT WHICH ARE RENTED AND OTHER 2 RESIDENTIAL FLAT ARE VACANT AND ALSO OPENLAND WHICH ARE RENTED AND OTHER OPEN PLOT IS VACANT UNDER WEALTH WHICH ARE LIABLE FOR W TAX AND WHICH ARE EXEMPTED FROM W TAX
R.K Nanda
(Expert) 03 March 2014
consult tax lawyer.
YAGNESH HASMUKH DAVE
(Querist) 04 March 2014
my consult dont know about wealth tax so i have asked i think if u cant give answer to question for subject of taxation then why taxation query is kept just remove that query subject so know one will ask
Vineet
(Expert) 04 March 2014
The vacant flats and open land and plots (if they form part of urban land as defined under wealth tax Act) are to be included in taxable wealth.
You have to also pay income tax on notional income from vacant flats which are deemed rented properties under Income Tax Act.
T. Kalaiselvan, Advocate
(Expert) 04 March 2014
There are more than one tax consultants in any given place across the length and breadth of the country, it is better to approach a consultant who knows about the subject.
