Wealth Tax

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KETAV

KETAV (Querist)
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13 February 2010 can u plz let me know which house is covered/exempt under wealth tax.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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13 February 2010 any building or land appurtenant thereto (hereinafter referred to as â€œhouseâ€), whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not includeâ€”

(1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than five lakh rupees;

(2) any house for residential or commercial purposes which forms part of stock-in-trade;

(3) any house which the assessee may occupy for the purposes of any business or profession carried on by him;

(4) any residential property that has been let-out for a minimum period of three hundred days in the previous year;

(5) any property in the nature of commercial establishments or complexes;]

KETAV

KETAV (Querist)
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15 February 2010 Thank you........

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