Wealth Tax Related Query, Income Tax

[Tarang Mitttal]

My query is regarding exemption available in calculating wealth as on 31st March under wealth tax act. whether exemption available if a person has only 1plot which is of 800 square metre...???

Posts / Replies

[Deepak Aggarwal]

Dear Mittal ji,

Exemption is available for one house or part of a house or a plot of land belonging to an individual or a Hindu undivided family. Provided plot of land comprising an area of five hundred square meters or less.

^Thanks