03 March 2010
whether an apartment which is under the possession of the assessee is considered for net wealth when further investment is made on that asset for renovation and repairs? if it is considered what is the position of such asset for net wealth taxation? please give the source for further reference
04 March 2010
thank u sir for your response. Sir, in my query, the said apartment is not the one house which is exempted. It is purchased as a policy of investment. whether it is taxable in the hands of assessee as net wealth. the renovation and repair is still in process.