Wealth tax second residential house

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2012 If possession of house from builder is taken in January 2013 and rented out in February 2013 will this being second house be included in taxable wealth as on 31.03.2013 wealth tax return for Previous year 2012-13 as it is not let out for more than 300 days during 2012-13.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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18 December 2012 Since it is not let out for more than 300 days, wealth tax is payable. This is because the property was not let out by builder also.

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2012 The house is not ready for possession before January 2013 although 90% paymnet already made.Builder/developer is contructing the house making house ready for possesion by January13. If possession is delayed upto April13, it it make any difference for wealth tax during FY 2012-13.

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