Wealth Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2010 what is the wealth tax amount in the following case?
1. if an individual owns a residential property (cost 20 Lakhs including land) and present market value 30 Lakhs and also owns a vacant Urban land (cost 40 Lakhs)
2. are any of the above assets exempted?

thanks in advance

CA Shishir

CA Shishir (Expert)
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04 March 2010 One residential house of any value occupied by an assessee is exempt from wealth tax. Regarding Vacant urban land, you will have to see where it is situated to be considered as asset under wealth tax. (Refer sec 2(ea) of Wealth Tax Act

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2010 The Land is situated in Bangalore City (Residential Area, as per the Latest CDP issued by the development authority)

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Guest

Guest (Expert)

16 January 2011 Residential house is exempted but urban land is taxable assets under WT Act.