I have purchased a land plot for which I have taken a loan and I am paying EMI (equated monthly instalment) for home loan. Now I want to buy another plot and for that I have to raise a loan from another bank.
2007-03-01 14:36:15 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ India
Wealth Tax is paid on the net wealth. Net wealth is computed after deducting any liability which has been created for such assets. In your case since the plot of land is purchased from loan amount your not liable to wealth tax untill the paid amount of loans exceeds Rs. 15.00 lacs i.e. the exempted amount under Wealth Tax Act.
2007-03-01 16:56:35 · answer #1 · answered by Keshav 1 · 1⤊ 0⤋
Every land has different rules regarding taxes. As this is in India, you would be best to contact a government official to do with finances(maybe a banking representative would know as well).
2007-03-01 14:43:26 · answer #2 · answered by ButwhatdoIno? 6 · 0⤊ 1⤋
Wealth tax is paid if annual income is above 10 lakhs. Ask any CA about it
2007-03-01 15:06:33 · answer #3 · answered by Oye chak de phatte!! 5 · 0⤊ 0⤋