Wealth tax

This query is : Resolved

rangarajanr2000

rangarajanr2000 (Querist)
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31 May 2008 As per wealth tax act Sec 4.Net wealth to include certain assets.

(1) In computing the net wealth---

(a) of an individual, there shall be included as belonging to that individual the value of assets which on the valuation date are held---

(i) --------
(ii) by a minor child, not being a minor child suffering from any disability of the nature specified in section 80U of the Income-tax Act, or a married daughter, of such individual, or
-----
Kindly clarify , if minor holds land or building whether the same is exempted u/s 5(vi) in addition to land or building owned by the individual.

Jitender

Jitender (Expert)
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31 May 2008 no ,it will not be duducted separately.

Jitender

Jitender (Expert)
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31 May 2008 no ,it will not be duducted separately.

Nilesh Damji Chheda

Nilesh Damji Chheda (Expert)
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01 June 2008 hi !
as per sec 5(vi) of the wealth tax act, any one house or land is allowed as deduction either hold by parents or child

any one!

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