wealth tax

[THYAGARAJAN RAMAMURTI]

I currently own an apartment costing about 75 lakhs in Bangalore. and I am staying in the apartment witth my family.  I wish to buy another apartment  for about 75 lakhs (payment to be made over the 4 year period linked to construction)  from a builder which will be ready in about 4 years time. I would like to know whether wealth tax is applicable on the second property. If the wealth Tax is applicable, Can I buy the new property in the name  of my wife . Kindly advise

[DR.MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in this issue? If not please inform.

AI Summary

Wealth tax applicability on a second residential property and effect of purchasing in spouse's name questioned. Wealth tax applicability is queried for acquiring a second residential apartment (payment linked to construction, completion in several years) while the owner occupies an existing apartment, and whether purchasing the new property in the wife's name would affect wealth tax treatment; the only reply asks if the issue has been clarified.