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

AI Summary

Wealth Tax Applicability on Second Apartment Purchase and Ownership in Spouse's Name: Key Considerations An individual inquired about the applicability of wealth tax on a second apartment purchase in Bangalore, valued at approximately 75 lakhs, with payment spread over four years. The individual currently resides in an existing apartment of similar value with their family. They also asked if purchasing the new property in the spouse's name would affect wealth tax obligations. A respondent asked if the query was clarified but did not provide additional information or advice.