Is deem to be let out property is exempted assest?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 December 2012
If an assesse had more than one house properties and he declared notional income as deem to be let out property under the head of House Property Income of Income Tax Act for those house properties – now, are these properties an exempted assets in terms of Wealth Tax Act?
CA PARAS BAFNA
(Expert)
29 December 2012
A deemed let out house property can not be said as "let out for more than 300 Days". The term itself require that the house should be actually let out. Deeming provision will dim the chances of getting an exemption from being treated as an asset.
31 December 2012
The view of our expert is very much correct in my opinion
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