is farmhouse taxable under the wealth tax act?
and wht abt its taxability with respect to the provisions of income from house property under the income tax act?
1 Replies
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 23 September 2010
Dear Nirmit,
under I.T. act, it is taxed as HP, coz, it is a house, which is capable for self-occupation.
Under Wealth Tax ACt, it is considered as Asset (sec2(ea)), if it is situated within 25 km from the local limits of any municipality
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