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Wealth tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 June 2013 question regarding whether wealth tax applies or not
a lady has a house on her name(duly registered property) in a city and her husband (expired) had another house on his name (through power of attorney).Till date the house on husband's name has not been transferred to her wife or any children. is the wealth tax applicable in this situation?cost of both the houses is above 30 lacs.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
06 July 2013 even if legally house is not trf on wife's name still it is taxable wealth under sec 2ea as only 1 house is allowed for exemption.

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