Wealth Tax on Urban Agricultural Land
This query is : Resolved
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
Yes, u/s. 2(ea) of wealth tax act, 1957 it is a taxable wealth
Yes, u/s. 2(ea) of wealth tax act, 1957 it is a taxable wealth
04 March 2009
as per defination U/S 2(ea)(V) : urban land is an ASSET. whether it is agricultural land or non-agricultural land.
thus, its taxable wealth.
thus, its taxable wealth.
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