Wealth tax exemption for let-out premises applies to commercial lettings, per board instruction, and no remedial action required. The Board reaffirms that the exemption under section 5(1)(iv) of the Wealth Tax Act applies from the stated effective date even where buildings are let ... Summary
Wealth tax exemption for let-out premises applies to commercial lettings, per board instruction, and no remedial action required.
The Board reaffirms that the exemption under section 5(1)(iv) of the Wealth Tax Act applies from the stated effective date even where buildings are let for commercial purposes, rejects receipt-audit objections limiting the exemption to residential or self-occupied property, and directs that no remedial or precautionary action is required to be taken by field officers in response to those objections.
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