• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • About Us
  • Executive Team
  • Investors
  • Privacy Policy
  • Terms Of Use
  • Contact Us

  • Blog
  • Tax Services
    • E-file ITR for Salaried
    • E-file ITR for Business
    • TDS E-file for Business
    • Manage Tax Practice
  • Tax Optimizer
    • Optimize Tax – Salaried
    • Optimize Business Tax
  • Help
    • FAQs
    • Glossary
    • Resources
    • Product Tour
    • Tax Calculator
  • Efiling
  • Income & Investments
  • Tax Compliance
  • Tax Optimization
  • Tax Refunds

Tax Evasion Checklist: Not Paying Wealth Tax on Second House

June 24, 2016 by Sudhir Kaushik

Owning a vacant second home can attract wealth tax. The tax will be charged on the notional rental income of the property, keeping the market rent of the property’s locality as basis.
Certain concessions are applicable with this regard. Loan pending against the house will be subtracted from the market value of the property. Also, if the house is rented for at least 300 days, no wealth tax is to be paid.
Here are the common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012):

  • Ignoring income from investment in the name of spouse, kids.
  • Ending life insurance policy before 3 years.
  • Not including interest income in your tax return.
  • Selling a house bought on loan within five years.
  • Not including ornaments in wealth tax.
  • Receiving gifts and cash from persons other than blood relatives.
  • Both spouses claiming tax benefit on same expenses.
  • Withdrawing PF within five years of joining a company.
  • Taking benefit of basic exemption limit twice in a year.

Filed Under: Tax Refunds

Primary Sidebar

E-mail Newsletter

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

More to See

Steps by step guide to e-File Your ITR

November 5, 2020 By Sudhir Kaushik

5 Ways to E- verify Your Tax Return

November 3, 2020 By Sudhir Kaushik

Tags

black money budget 2017 claim refunds claims tax benefits Direct Tax Burden disclosure bank account drastic positive step e-file tax return effectively save tax file correct returns filing returns form 12bb form 16 Form 26AS home loan nps HRA income tax declaration income tax department income tax india income tax notice income tax return income tax saving ITR Form long-term capital gains NPS professional tax advisor return filing deadline section 80c section 80G short-term capital gains Suggestions Budget 2017 tax tax-free tax benefit tax details salaried taxpayers tax efficiency tax filing returns tax limit tax optimization tax payers tax saving tax saving tips taxspanner undeclared income understand tax laws

Footer

Services

  • E-file Tax Returns
  • Tax Optimizer
  • Respond To ITD
  • Consult Experts
  • Tax Practitioners
  • TDS Returns

Help

  • Product Guide
  • FAQs
  • Tax Calculators
  • Glossary
  • Contact Us
  • Forget Password

Taxspanner logo
TaxSpanner is India’s largest and most trusted website that offers online preparation and filing of individual Income Tax Returns (ITR).

Read More

Copyright © 2022 · Span Across IT Solutions Private Limited.