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Wealth tax query
why is premium charge in wealth tax on house property if one cross the limit as mention in specified area ie 60/65/70% ie more space is kept vacant from above city limits.
Replies (1)
As if land which could have been assessed as separate asset under wealth tax is treated as single asset with building & when remains vacant for more than specified area then addition is made for land as it can be utilised for other purpose.
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