agricultural land situated in urban area is liable for wealth tax

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..... 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 hence taxabl .....

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..... e. 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 comm .....

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..... encing on 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 substitu .....

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..... ted, namely :— "( i )( a ) agricultural land and growing crops (including fruits on trees), grass or standing trees on such land ; - agricultural land situated in urban area is liable fo .....

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..... r wealth tax - Query Started By: - alex thomas theruvath Dated:- 6-12-2010 Other Topics - Got 1 Reply - Indian Laws - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion .....

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..... Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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