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Individuals can't claim wealth tax exemption for land under 500 sqm if house exemption u/s 5(vi) is claimed.

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....Wealth tax assessment - the assessee cannot avail exemption for a plot of land, even if it is having an area of less than 500 sq. mts or less, if he had already claimed exemption of one house u/s 5(vi) of the Act. If the assessees have not claimed exemption of house, then they are entitled to claim exemption of either one house or part of a house or plot of land. - AT....

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Individuals can't claim wealth tax exemption for land under 500 sqm if house exemption u/s 5(vi) is claimed.