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Thank you Mr Natarajan...however my question was different... the property was on rental for less than 300 days and hence WT would obviously be applicable. But my question was more about whether any property can be shown as self-occupied irrespective of the reality, and if yes, then can this be changed from year to year at the option of the assessee?

Thank you very much Mr Majumdar for your very clear and precise advise. Will do accordingly. One other question - Of two houses owned, one (of lower market valuation) is self-occupied and the other (of higher valuation) has been given on rent. For purposes of computing the tax payable and filing the return, should it be on the basis of the actual reality, or can any of the houses be considered as self-occupied and exempt? If this option is there, can this also be changed from year to year depending upon what is beneficial? Is this desirable or can it lead to other complications? greatly appreciate your views.

I have only recently come to know that the limit for Wealth Tax is net assets of Rs 30 lakhs. Call it my ignorance, or poor guidance and advise from my CA, I now find that I should have been filing my Wealth Tax returns for the past couple of years, which has not been done. I now have 2 questions - (1), if I wish to rectify this situation, what needs to be done by me, and (2) while computing the tax payable, assets like property, jewellery, car etc are to be valued at acquisition cost or market value - if market value is the basis, what would be the source of information for items like property?