30 July 2009
after studing this more and after discussing it for some persons:
It shall be included in the definition of the assets. But in respect of this house the following exemption will be available: u/s 5(vi): wealth tax shall not be payable in respect of one house or part of house or a plot of land (not exceeding 500 square metres) belonging to an individual and HUF. (Whether residential or not). u/s 7 : a house belonging to the assessee exclusively used by him for residential purpose through out the year may be valued (at the option of the assessee) at the value as on the valuation date or the last day of the F.Y., in which he had acquired that house.
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