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TMI Blogwealth tax whether one house is exempted under welath taxX X X X Extracts X X X X X X X X Extracts X X X X ..... i am having a house for residentail purpose whose valuation is Rs 1400000/- in salt lake kolkata. i want to know whether one house (850 sq foot)is exemoted is exemoted under wealth tax or the same is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be inclused in wealth tax calculations - Reply By DARSHAN JAIN - The Reply = As per section 5(vi) of the WTA,1957 wealth tax shall not be payable on any one house or part of a house or a plot of la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd belonging to an individual or a Hindu undivided family. This exemption is available irrespective of the valuation. The 500 Sq Mtr restriction is applicable only for an asset being a plot of land. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n your case, since its a residential house the proviso to s.5(vi) is again not applicable and in my opinion you could very well claim exemption.. - Reply By DEV KUMAR KOTHARI - The Reply = I agree wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th Shri DARSHAN JAIN, one residential house in case of individual and HUF is fully exempt. Regarding correct section/ subsection etc. please see latest WT Act on this website to reconfirm and recheck. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - wealth tax whether one house is exempted under welath tax - Query Started By: - NEERAJ BHUTORIA Dated:- 15-8-2010 Other Topics - Got 2 Replies - Indian Laws - Discussion Forum - Knowledge Sharin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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