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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- Capital gain on sale and purchase of plot
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Non-Compliance documents have not been submitted by the contractors debited
- TDS Return Q1 FY 2026-27
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
