Wealth tax

if value of such property and other assets assessable under wealth tax is more than 30lakhs (calculated in accordance with the rules of weath tax act), then must pay wealth tax.

hi sir

1.that site is under residential zone...

2.it is under muncipality only

3.in current valuation it is more than 30 lakhs..

but i heard if such site is given to rent for nurserry than need not pay wealth tax...how far is it true..