Applicability of wealth tax

[vimal kumar mehta]

Wealth Tax Property let out for more than 300days in a year is exempt from Wealth Tax. What is the position if the property is owned /(purchased) by the assessee for less than 300 days, but it is letout for the entire period, since the date of purchase, of less than 300 days. Is the property still exempt under the W.T Act? Kindly let me have your considered opinion Thank you. Vimal

[Surender Gupta]

It is implied that if you have purchased the property having less that 300 days and let out for the entire period, you would be eligible for exemption.

AI Summary

Wealth tax exemption for property let out throughout the owner's period applies even when ownership is under the statutory days. Applicability of wealth tax exemption is addressed where a property purchased and owned for less than the statutory day threshold was let out for the entire period of the assessee's ownership; the respondent concludes that continuous letting during the ownership period renders the property eligible for the wealth tax exemption applicable to let-out property.