Wealth tax

Sudheer J. Sarvate (Querist) 31 March 2012 This query is : Resolved
I own one flat of Rs. 45 lakh for residential purpose singly on my name.

I have purchased one more under construction residential flat of Rs. 80 lakh from a builder ( this is also singly on my name) of which agreement will be prepared in January 13 and posetion is expected in January 14.

Now i have made only installment payment of Rs. 40 lakh in the F.Y. 11-12 on the basis of allotement letter received from builder,then whether I have to pay the wealth tax in the F.Y. 11-12 & 12-13.

Kindly advice

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Deepak Nair (Expert) 31 March 2012
Please post this query in CAclubindia for better reply.

V R SHROFF (Expert) 31 March 2012
u shd have ur tax consultant to do all these. CA, orI tax consultant

Guest (Expert) 01 April 2012
Dear Sudheer,

You may need the services of a Tax consultant.

C. P. CHUGH (Expert) 07 April 2012
Presently Wealth tax is charged on certain specified assets including movable and immovable properties. Since you have paid as advance and has not got possession/occupation of the immovable property, any right in the immovable property is not chargeable to tax. The same shall be included for calculating your wealth tax liabiltiy on getting the possessionof the flat.

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