QUERY UNDER WEALTH TAX ACT

This query is : Resolved

darshita (Querist)
Follow

23 June 2010 I HAV QUERY:
U/S 5(iii)THE RULER CAN CLAIM EXEMPTION I.R.T THE ONE BLDG WHICH IS DECLARED AS HIS OFFICIAL RESIDENCE MY Q IS WHAT IF HE IS CARRYING THE BUSINESS(i.e. MAY BE OF HOTEL)IN SAME BLDG OR A PALACE,WILL HE BE STILL EXEMPTED UNDER THIS SEC OR HE WILL BE ELIGBLE FOR EXEMPTION U/S 2 (ea)

Rakesh Jain

Rakesh Jain (Expert)
Follow

09 June 2011 Dear Darshita,

In your case said Assets should be treated as sec 2 assests. and by scope of sec 2 it shall not be considered as a assets for the wealth tax purpose.

With Regards,