wealth tax whether one house is exempted under welath tax

[NEERAJ BHUTORIA]

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 to be inclused in wealth tax calculations

AI Summary

Residential House Exempt from Wealth Tax Under Section 5(vi) of Wealth Tax Act, 1957, Regardless of Value A forum user inquired whether a residential house valued at Rs 1,400,000 in Salt Lake, Kolkata, is exempt from wealth tax. Two respondents clarified that under Section 5(vi) of the Wealth Tax Act, 1957, one residential house is exempt from wealth tax for individuals or Hindu undivided families, regardless of its value. The exemption applies specifically to houses and not plots of land, which have a different restriction. Both respondents agreed on the exemption, advising to verify details with the latest Wealth Tax Act.