Jaikishan
(CA)
(168 Points)
Replied 07 October 2014
Exemption for a house or part of house is exempt provided the person is individual or HUF. Hence if he holds multiple houses or land plot not exceeding 500 square metres in area, he can claim exemption for the highest valued house or plot.(As per section 5(vi) of wealth tax)
Your client must be individual or HUF only and not a company for above mentioned condition.
anoohya
(student)
(44 Points)
Replied 07 October 2014
Jaikishan
(CA)
(168 Points)
Replied 08 October 2014
The condition is of plot of land not exceeding 500 square metres in area and not the house.
As Section 5 (vi) clearly states
a. house or part of house or;
b. a plot of land not exceeding 500 sq metres in area.
CAclubindia
