TaxTMI 
TaxTMI 
wealth tax whether one house is exempted under welath tax
15 Aug 2010 
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Wealth tax one-house exemption: a single residential house held by an individual or HUF remains exempt despite its valuation.
The statutory provision grants an exemption for one house or part of a house or a plot of land belonging to an individual or HUF, and that exemption is available irrespective of the monetary valuation of the house; the 500 square metre restriction applies only to plots of land and does not remove the exemption for a residential house. (AI Summary)
The statutory provision grants an exemption for one house or part of a house or a plot of land belonging to an individual or HUF, and that exemption is available irrespective of the monetary valuation of the house; the 500 square metre restriction applies only to plots of land and does not remove the exemption for a residential house. (AI Summary)
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