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?
Nirmit Desai (unemployed) (36 Points)
23 September 2010is 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?
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
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
