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Wealth-tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Inclusion of Agricultural lands for the purpose of wealth tax - ...

Wealth-tax

May 2, 2016

Inclusion of Agricultural lands for the purpose of wealth tax - Once the lands are classified as agricultural lands, in the revenue records of Government and used for agricultural purpose, then the same are outside the purview of the definition of assets as per section 2(ea) of the Wealth tax Act. - AT

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  1. The lands being agricultural lands have been excluded from the wealth tax - AT

  2. Once the learned CWT(A) held the land of the assessee to be exempt on one count, i.e., the land being classified as agricultural land in the records of the Govt. and...

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  7. LTCG - no capital gains arises on the sale of agricultural land even though purchaser purchased the property with an intention of selling it for non-agricultural purposes - AT

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  9. MAT computation - exclusion of profit on sale of agricultural land while computing book profit u/s 115JB - This land was used for agricultural purpose and considering...

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