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2020 (12) TMI 148 - AT - Wealth-taxWealth tax assessment - assessing the value of land at Kelambakkam and Navalur - exemption of 500 sq.metres of any plot u/s.5(1)(vi) of the Wealth Tax Act - HELD THAT:- Since the assessee is not having a residential house and has not claimed any exemption u/s.5(1)(iv), then he is entitled to claim exemption u/s.5(1)(vi), any of the plot within the limits of 500 sq.metre area. The area of the land at Kelambakkam is very well within the limit specified, therefore, the AO is directed to exempt the value of Kelambakkam land u/s.5(1)(vi) of the Wealth Tax Act - Assessee’s appeal is allowed.
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