In case building which is let out to staff whose salary exceed 5lac p.a what is the value for wealth taX purose if it is depreciating under INCOME TAX ACT.Whether is is depreciated value as on Valn date orwe need to compute as per sch III higher of 12.5 Net maintainable rent capitalised/cost of buildling
30 August 2010
If difference between book value and value as schedule III is minimum 20% of book value then value as per Sche. III should be considered for Wealth Tax purpose otherwise book value.
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