Wealth tax - valuation of land
This query is : Resolved
07 December 2011
What are the rules for Valuation of Urban agricultural Land for the purpose of wealth tax? Also what is the valuation procedure for a single residential property held by an assessee? isn't it exempt under Sec 5(vi) of the wealth tax act?
CA PARAS BAFNA
(Expert)
07 December 2011
One House is exempt.
However, for valuation of Building or other house than the "one residential house" valuation metho has been prescribed in Part B of Schedule III to the Wealth Tax Act.
Agriculture Land can be valued at the rates prescribed by the Stamp Duty Office in case of transferring the land in that particular area.
However, for valuation of Building or other house than the "one residential house" valuation metho has been prescribed in Part B of Schedule III to the Wealth Tax Act.
Agriculture Land can be valued at the rates prescribed by the Stamp Duty Office in case of transferring the land in that particular area.
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08 December 2011
Thank you for the conclusive reply sir. But i had just one more query in this regard. Is it necessary to get the valuation done for the various lands from a registered valuer for this purpose? There are around 25 lands, the book value of the same comes around 5 crores.
CA PARAS BAFNA
(Expert)
08 December 2011
If you keep various circle rates records with you and value accordingly , then in my view , every year you need not to get valued the land properties.
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