agricultural land situated in urban area is liable for wealth tax

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... agricultural land situated in urban area is liable for wealth tax
Query (Issue) Started By: - alex thomas theruvath Dated:- 6-12-2010 Last Reply Date:- 7-12-2010 Other Topics
Got 1 Reply
Ind .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ian Laws
whether agricutural land situated in urban area is exempt from wealth tax Reply By CA Rachit Agarwal: The Reply: As per Section 2(ea), Urban Land comes within the scope of assets and henc .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e taxable. However as per Section 2(e)(1), the agricultural land is beyond the scope of the assets and hence not taxable. 13[Provided further that in relation to the assessment year commencing on .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the 1st day of April, 1983 or any subsequent as­sessment year, this sub-clause shall have effect subject to the modification that for item (i) thereof, the following item shall be substituted, namely .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... :— "(i)(a) agricultural land and growing crops (including fruits on trees), grass or standing trees on such land ;
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X