Wealth Tax on Urban Agricultural Land
This query is : Resolved
S.M.Indapurkar
(Querist)
04 March 2009
Wealth tax is not levied on productive assets.Urban agricultural land where agricultural operations are carried on is covered under the head Urban Land and is chargeable as taxable Wealth.Is it correct?
04 March 2009
As per Definition of Asset u/s 2(ea) you are absolutely correct.
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