11 December 2012
Sir, Please let me know the taxability of one residential house subject to exemption of section 5 (vi), if I own only one residential house?
12 December 2012
It will be exempt under wealth tax act.For income tax purpose, the NAV of such property shall be nil and you may claim loss from House Property of Rs.30,000/1,50,000 based on the interest on loan paid for such property.
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