Dear Friends is let out flat chargeable to wealth tax?
1 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 20 July 2009
Mr.Gopala Krishnan
As per the provisions of section 2(ea) (i)(4) of Wealth Tax Act, 1957 any residential property that has been let out for a minimum period of 300 days in the previous year is not regarded as an asset for the purpose of Welath Tax. An asset which is regarded as an asset need not be included in the net wealth of the assessee. If the property cited by you comlies with the conditions laid down in section 2(ea)(i)(4) it is not an asset. Hence the value of the impugned asset need not be included in the net wealth.
Best Wishes
Sathikonda
Recent Topics
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
- TCS adjustment
Related Threads
CAclubindia
