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Querry in wealth tax
As per section 5(vi)..in case of an individual or a huf exemption is granted in respect of a 1)house or part of house ; OR 2) A plot of land not exceeding 500 sq.mt... my querry is wen individual/huf/partners of d firm have both d above assets.. which asset should me exempted??..is it asset having value higher of the two or lower of the two?..
Replies (2)
Dear Devangi,
Take the asset with the higher value as exempt
Thank u ankit..but actually i was refering to T N Manoharan..there i came accross 2 sums where a firm was having both the assets fr wich exemption can b given under section 5vi to partners in their psr..in that sum ..asset which has lower value is taken as exemption..so i m confused now..
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