Wealth tax on agricultural land
This query is : Resolved
14 February 2013
Hi,
A company has purchased an agricultural land, which is situated within 8 kms from the municipality limit. The land records with the authorities reflect that the said land is an 'agricultural land'.
Whether the same would be covered within the purview of 'urban land' and taxable to wealth tax?
Can it be interpreted that no construction is permissible on agricultural land and hence, even if the said land is situated within the specified limit, the same is not subject to wealth tax?
Separately, does motor car include motor bike and scooters?
A company has purchased an agricultural land, which is situated within 8 kms from the municipality limit. The land records with the authorities reflect that the said land is an 'agricultural land'.
Whether the same would be covered within the purview of 'urban land' and taxable to wealth tax?
Can it be interpreted that no construction is permissible on agricultural land and hence, even if the said land is situated within the specified limit, the same is not subject to wealth tax?
Separately, does motor car include motor bike and scooters?
15 February 2013
Any land situated within 8 Kms from the municipality limits are exempt from the Wealth Tax for 2 years only if they are kept for industrial purpose. I afraid as this land is agriculture and no construction being allowed, it will become part of wealth.
For Motor Bike n Scooters, They are excluded from the Motor car.
For Motor Bike n Scooters, They are excluded from the Motor car.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- Annual return in Gst
- Regarding TDS Applicability For Director Remuneration
- Requirement of tax deduction at source by individual
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
