Applicability of wealth tax, Other Topics

[vimal kumar mehta]

Wealth Tax Property let out for more than 300days in a year is exempt from Wealth Tax. What is the position if the property is owned /(purchased) by the assessee for less than 300 days, but it is letout for the entire period, since the date of purchase, of less than 300 days. Is the property still exempt under the W.T Act? Kindly let me have your considered opinion Thank you. Vimal

Posts / Replies

[Surender Gupta]

It is implied that if you have purchased the property having less that 300 days and let out for the entire period, you would be eligible for exemption.