Wealth tax on residential house
This query is : Resolved
18 February 2015
A residential house is purchased in the month of February and the same is let out immediately. Assessee is already owning a house. Whether wealth tax is payable on new house or exemption may be claimed as the same is let out immediately but for a period less than 300 days.
18 February 2015
if it is let out for less then 300 days then wealth tax is applicable.
18 February 2015
My query is in connection with a property purchased in February, 2015 which may be let out for the remaining period in the FY 14-15 for about 1.5 months.i.e, where the condition of 300 days can not be met out.
18 February 2015
My ans is in response to this query whereby law is clear.refer section 2(ea) of Wealth Tax Act, 1957 and the exception to this clause whereby it says that any house let out for more then 300 days is not within definition of "asset" hence not taxable so in your case it is let out for less then 300 days hence it is an asset and hence taxable.
Refer this link for more details:
http://www.incometaxindia.gov.in/Pages/acts/wealth-tax-act.aspx
Refer this link for more details:
http://www.incometaxindia.gov.in/Pages/acts/wealth-tax-act.aspx
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