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Wealth tax

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(Querist)
27 May 2014 if house property is let out for more than 300 days then it is not considered assets for wealth tax purpose. then why we calculate the value of house property which is let out under the wealth tax act. please advise!
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Nitin Bhuta

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Nitin Bhuta (Expert)
27 May 2014 If property is let out for more than 300 days then it is exempt from levy of wealth tax so value is not required to be computed while determining the wealth tax payable or even such value need not be indicated in the wealth tax return.
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