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2009 (8) TMI 67 - HC - Wealth-taxValuation – Exemption - that with the introduction of sub-section (4) of Section 7 of the Act by the Finance Act, 1976, with effect from 1.4.1976, the position of the residential house would not change. It is only provided for freezing the valuation of the residential house at the option of the assessee and nothing more. This Court has further held that in several cities there are old bungalows having large area running into several acres of land but nonetheless they are treated as one residential house. The vacant land which is there in the house is being used as garden, lawns etc. and, therefore, could not have been valued separately.
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