Whether Letout of Commercial Office is exempt from Wealth Tax?
Taxability of letout commercial house under wealth tax act
Abhay Sakaria ([Practicing C.A.] [C.S. Final]) (283 Points)
26 April 2013
2 Replies
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 26 April 2013
Dear Abhay,
Any building or land appurtenant thereto (hereinafter referred to as “house”), whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within 25 kilometers from local limits of any municipalityso commercial office tretaed as assets as per section 2(ea) of wealth tax and if it is treated as stock-in tread then this is not an assets
correct if i m wrong
Abhay Sakaria
([Practicing C.A.] [C.S. Final])
(283 Points)
Replied 26 April 2013
But Sec.2(ea)(i) excludes "any residential property that has been let-out for a minimum period of three hundred days in the previous year".
My doubt is whether such exclusion is available for both Residential property and Commercial purposes or for just Residential Property.
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