Wealth tax
This query is : Resolved
07 August 2014
Please provide Urban land exemption details u/s 2(ea) of wealth tax act.
07 August 2014
Wealth tax is chargeable on the assets specified in S. 2(ea) of the Wealth-tax Act. One of such assets is an urban land, which has been defined in Explanation 1(b) of the said Section. The definition reads as under :
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.
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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07 August 2014
please clarify on Agricultue land in urban area(whether treated as wealth or exempted)
07 August 2014
Agricultural land situated in urban area is not liable to wealth-tax.
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