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2012 (8) TMI 595 - ITAT MUMBAIValuation - exempted asset under wealth tax - Assessing Officer noticed that the assessee has not occupied the property in question for residential purpose for the period of 12 months - Assessing Officer valued the property as per 2nd proviso to Rule 3 of Schedule III of WT Rules – Held that:- What is required is that the house should have been exclusively used by the assessee for residential purpose and should not have been let out for rent or used for any commercial or non-residential purpose - property in question is residential house which has not been let out or used for the purpose other than residential; therefore, even though the assessee did not stay in the house so long, this house is exclusively for residential purpose, the condition as enumerated in the third proviso to Rule 3 are satisfied - conditions as enumerated in third proviso to rule 3 of Schedule III were satisfied by assessee
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