Valuation of agricultural land comprised in coffee, rubber and cardamom plantations-Guidelines regarding

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..... lth-tax. The Finance Act, 1969, extended the levy of wealth-tax to the value of agricultural property with effect from assessment year 1970-71. The Finance (No. 2) Act, 1980, has excluded from the purview of wealth-tax the value of agricultural property other than the value of agricultural land comprised in tea, coffee, rubber or cardamom plantations and trees standing on such plantations. This am .....

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..... ad guidelines have been laid down for the valuation of such lands. 3. The agricultural land in the specified plantations may be classified into the following three categories, namely:- (a) lands covered by plants which have started yielding; (b) virgin land which is in the process of being developed and land covered by plants which have not started yielding; (c) virgin land capable of being pl .....

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..... (b) If any expenditure for self-management is not debited to the accounts, the average aggregate expenditure will be increased by an amount equal to 5% of the average of the gross income from the plantation as an allowance for self-management of the plantation. (c) In computing expenditure, the expenses will be allowed on commercial principles but will not include the following: (i) Interest on .....

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..... ng so, due regard may be given to the value of the land recommended by the Tea, Coffee, Rubber and Cardamom Board for the purpose of granting development loan relevant to the valuation date. 7. Pending wealth-tax assessments involving valuation of specified plantations may be finalised on the above basis. (Sd.) P. Ranganathan Under Secretary, Central Board of Direct Taxes.
Circular, Trade N .....

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