19 January 2011
Dear Experts, I already one residential property in my balance sheet worth of 23 lakh and in F.Y. 2010-11 I have added another commercial property (office) for 80 lakh did I liable to wealth tax pls. explain
19 January 2011
No you need not to pay tax as both the house is not taxable under wealth tax act -- commercial house is not wealth and residential house is exempted u/s 5(vi)
CAclubindia
