Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2013 whether the exemption under section 5 of wealth tax is limited to one plot of land less than 500 sq meters or n number of plots of land less than 500 sq meters per plot are exempt.If n number of plot are exempt please quote a case law

CA Vijeta Verma

CA Vijeta Verma (Expert)
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27 December 2013 It is in respect of only one plot.
See the language-
Exemption under 5(vi) shall be allowed in case of an individual and huf in respect of (a) one house or part of house OR (b) Plot of land of 500sq mts or less.
It is plot of land "not plots"