• Does a land under notary qualify as wealth under wealth tax act?

We own a house constructed on area owned by state electricity department, but occupied since 1990s. Does it make house our own as per wealth tax act. Should it be counted for OBC exemption. And how to provide proof for the same in attaching as wealth if it qualifies as wealth under wealth tax act.
Asked 7 years ago in Property Law
Religion: Hindu

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2 Answers

1)under wealth tax act there is exemption for one residental house from provisions of wealth tax act

2) residential house is exempted under Sec. 5 (vi) of the Wealth-tax Act

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

If you constructed a house on somebody's land without their permission or any agreement then it is as good as land grabbing and an illegal act.

Therefore since it is not your own property there is no question of wealth tax on it.

It cannot be counted for OBC exemption too.

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

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