Land held by company

land is exempt from wealth tax but building is not exempt from wealth tax.

how can say that land is  exempt though it is not agricuture land ?????????? if he is not using that land ????

urban land mean land situated 

1)in any area which is comprised with in the jurisdiction of lacal municipal authority and population is not less than 10000 according to last sensus report

2) situated in such area which is eight km from the local limit of munipilality

but does not include any urban land which construction is not permissible by any other law.

if the above criteria is fullfill then urban land is taxable under wealth tax act whether it is use by assessee or not and if it shown in year end balance sheet then it is taxable.

yes he is right.even in income tax act also for capital gain purpose,they take the above criteria.they doesnot concern about wheather it is used for agricultural purposes unless fall under above criteria.so even capital gain exemption u/s 54f is concern about urban agricultural land wheather it is used for agricultural purpose or not but not concern about rural agriculture land wheather it is used for agriculture purpose or not as by nature it will not fall under category of capital asset u/s 2(14)