Dear frnds can any body suggest me regarding claiming exemption under wealth tax act for F.Y.2004-05.
Our assessee has the following assests:
A) Residential house value-20 L
B) Vaccant site in urban area extent 400 Sq yard -15L
C) Vaccant site in urban area extent 350 Sq. yard -25 L
D vacccant site in urban area extent 460 sq yards value 30 L
pls clarrif y me regarding computaion of wealth of the person ??
From AY 1999-00, Exemption U/s 5(VI) of WT act is available to an assesee being Individual or HUF in respect of the following:
A house or part of the house
A plot of land not exceeding 500 sq. mt in area
Assuming your assessee to be either Individual or HUF, he or it may avail exemption in respect of any of the above mentioned ASSET
Further it is upto assess to claim exemption in respect of either of the two, assuming rationality of assessee, he or it will claim exemption in respect of last mentioned land of value Rs 30l to reduce his/its tax liability
CAclubindia
