Rural property

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Anu (Querist)
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03 June 2013 A House property exists on huge land (17 gorunds) in city outskirts (purchased as agricultural land 20 years back and built thereon) Now under sale proposal any wealth tax implications apart from LTCG liability?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 June 2013 Wealth tax liability arises when the asset is being held on the valuation date i.e. on 31.03.20XX.
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So question of wealth tax may arise on the valuations dates prior to the sale of such property.
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The nature of property, whether residential or commercials, matters in deciding the implications of wealth tax.
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Please specify the exact nature of the property whether residential/commercial/let out/ vacant etc in more detail.
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