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Wealth tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 December 2012 SIR

WHETHER LAND HAVE ANY EXEMPTION UNDER WEALTH TAX ACT.. IF YES, THEN IT HAS ANY LIMITS BASED ON
AREA LIKE URBAN OR RURAL????
ONE LAND LIKE HOUSES???

KINDLY SOLVE THIS QUERY PLZZZZZZ
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Pankaj Gupta

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Pankaj Gupta (Expert)
11 December 2012 Lands which are not assets under wealth tax act are:-

* Rural Land
* Urban land on which construction is not permissible under any law for the time being in force.
* Urban land which is unused for industrial purpose by an industrial undertaking for a period of 2 years.
* Urban land held as stock in trade for a period of 10 years.

Moreover exemption can be claimed under sec 5(vi) for a plot of land upto 500 sq metres or a house(any one can be claimed).
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