urban land in wealth tax

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nitin khater (Querist)
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18 July 2011 if an urban land is situated within 8 kms but end after 8 kms from local limits than whether this land is considered as urban land and taxable under wealth tax

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 July 2011 Yes it an asset u/s 2(ea)(v)]“

‘Urban land’ means land situate :

(i) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which relevant figures have been published before the valuation date; or

(ii) in any area within such distance, not being more than eight kilometres from the local limits of the municipality or cantonment board referred to in sub-clause (i) as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by Notification in the Official Gazette, but does not include land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him.”

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