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Issue ID : 2116
- 0 -

wealth tax whether one house is exempted under welath tax

Date 15 Aug 2010
Replies2 Answers
Views 2570 Views
Asked By
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
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Replied on Aug 15, 2010
1. 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 land 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. In 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..
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Replied on Aug 21, 2010
2. I agree with 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.

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