Dear All
I have 2 queries:
1. Assessee has undivided share in Ancestral property. No part of land can be sold without consent of other joint owners. Is such land also taxable as wealth? The right to transfer is not with assessee, hence can it be caliemd exempt?
2. Can anyone provide Notification no. 871(E) dt 9-11-1993 [205 ITR (St) 1] which contains notified Urban land?
Does this land is a part of the property under HUF ??
| Originally posted by : Gaurish Kerkar | ||
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i think it is chargeable to tax. Arban land includes land with in jurisdiction of a Muncipality or contenment board with population of not less then 10000 as per latest published census prior ot valuation date or any area situated within 8 kms from limits of such municipality or cantonment board as noified by the central government. urban land excludes: a) urban land on which construction of a building is not permitted under any law. b) land accupied by any building constructed with the approval of appropriate autority. c) land held for industrial purposes for a period of 2 years form the date of acquisition d) land held by the assessee as stock-in-trade for a period of 10 year from date of acquisition. |
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