26 July 2013
Whether the Let Out Property is exempt from the Wealth Tax Act? If Yes, then under which section. And whether it can also be claimed even after claiming the exemption u/s 5(vi) of a property.
26 July 2013
A residental property that has been let out for 300days or more is not an asset within the meaning of wealth tax as per definition of asset section 2ea. 5VI is an exemption for the assets which have been included in the assets of assessee.Both are different,So yes it can be claimed.
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