Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2014 I HAVE 4 HOUSE AS ON 31-03-14

TWO HOUSE HAVE LET OUT

WHICH ONE HAVE FOR FULL YEAR LET OUT
AND ANOTHER FOR 6 MONTHS LET OUT,

ONE HOUSE FOR RESIDENTIAL PURPOSE

ONE HOUSE IS NOT USED FOR ANY PURPOSE

WHICH HOUSE INCLUDE AND WHICH HOUSE EXCLUDE IN WEALTH TAX CALCULATION ?

KINDLY HELP ME ,

THANKS IN ADVANCE.

Deepti Asawa

Deepti Asawa (Expert)
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08 July 2014 Ist House = exempt ( rented more than 300 days )
IInd House = Include in wealth calculation
IIIrd House = Include in wealth calculation
IVth House = Include in wealth calculation

As per Section 5(vi)of Wealth Tax Act - Individual or HUF can take exemption for 1 residential house
so that you can take exemption for 1 house (any 1 from IInd, IIIrd , IVth house )

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Rupesh Jain

Rupesh Jain (Expert)
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08 July 2014 you can take one house for his resident and another one for rented of 300 days then exempt.

another two you have to include in wealth tax.

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