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K . Anand . (Manager)     27 May 2014

Agricultural land in wealthtax

Is Agricultural Land within Urban Limit deemed as wealth for Wealthtax purpose? Which amendment was made by the Finance Minister to exhempt agricultural land from Wealthtax?



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Mahesh V.P. (Advocate)     13 June 2014

The then finance minister, Dr. Manmohan Singh in Finance Act, 1992 made suitable amendments to the Wealth Tax Act and sec. 2(ea)(v)(b) which defines “urban land”.  But it did not clearly explain the status of agricultural lands situated in urban areas, In spite of that, the income tax authorities were giving exemptions to such lands till recently. Now in many cases the tax authorities have commenced taxing such urban agricultural lands citing that the Act does not exempt such lands.

 

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