Wealth tax

HI

(1) Agriculture land taken into consideration while compute wealth tax?

NO, Not a Wealth U/s 2(e)

(2) Fixed deposite in bank taken in to consideration while compute wealth tax?

NO, Any amount deposited in Bank & shown in books not an Asset

(1) what is your opinion if agriculture land is situated within 8 km from municipal jurisdiction?

(2) you wrote for loans and advances that  "Its is to be taken only if asset in respect of which it is Taken is not exempted.  

My friend it is loans and advances not unsecured loan.

1) only urban agriculture land is an asset under wealth tax act and liable to wealth tax. however, an individual can get a deduction in respect of such land u/s 5 of wealth tax act.

2) Fixed deposit is not an asset . Therefore is not liable to wealth tax.

3) Loans and advances directly related to the asset (asset which is liable to wealth tax) is liable to get deduction under section 5 of wealth tax act.

A farmhouse situated within 25 kilometers from the local limits of a local authority is treated as an asset under wealth tax act.

Urban Land Sec 2(ea) (v)

Urban land is treated as an “asset” and urban land means land situated in any area which is comprised within the jurisdiction of local authority