Wealth tax applicability
This query is : Resolved
26 September 2007
Pls confirm whether WT is payable on agriculture urban land being in use for agriculture. Pls elaborate.Thanks
Ratan K Rathi
Ratan K Rathi
27 September 2007
Hello Mr. Rathi,
Urban land; "Urban Land" means land situated :
in any area which is comprised within the jurisdiction of a local authority and which has a population of not less than ten thousand according to the last proceeding census of which the relevant figures have been published before the valuation date; or
any area within such distance, not being more than eight kilometres from the local limits of a local authority as the Central Government may, having regard to the extent, and scope for urbanisation of that may, and other relevant considerations, specify in this behalf by notification in the Official Gazette.
However, the following urban land shall not be included in assets;
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;
land occupied by any building which has been constructed with the approval of the appropriate authority;
any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him.
land held by an assessee as stock-in-trade for a period of five years from the date of its acquisition by him. (Ten years w.e.f. A.Y. 1999-2000).
Note: Agricultural land situated in urban area is not liable to wealth-tax
Urban land; "Urban Land" means land situated :
in any area which is comprised within the jurisdiction of a local authority and which has a population of not less than ten thousand according to the last proceeding census of which the relevant figures have been published before the valuation date; or
any area within such distance, not being more than eight kilometres from the local limits of a local authority as the Central Government may, having regard to the extent, and scope for urbanisation of that may, and other relevant considerations, specify in this behalf by notification in the Official Gazette.
However, the following urban land shall not be included in assets;
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;
land occupied by any building which has been constructed with the approval of the appropriate authority;
any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him.
land held by an assessee as stock-in-trade for a period of five years from the date of its acquisition by him. (Ten years w.e.f. A.Y. 1999-2000).
Note: Agricultural land situated in urban area is not liable to wealth-tax
28 September 2007
Dear CA Dashrathji,
Pls confirm whether agri land in urban area does not fall under the definition of urban land and as such not liable to WT. Pls confirm and olige.
Pls confirm whether agri land in urban area does not fall under the definition of urban land and as such not liable to WT. Pls confirm and olige.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
