if any agricultural land which is situated within 8 KMs from the local limkits of any municipality will be considered as an taxable assets for computing the wealth tax liablilty OR it will be considered as exempt assets?????
ALPESH KUMAR (SUPRITENDENT) (140 Points)
11 June 2012if any agricultural land which is situated within 8 KMs from the local limkits of any municipality will be considered as an taxable assets for computing the wealth tax liablilty OR it will be considered as exempt assets?????
CA PARAS BAFNA
(Practising CA )
(33423 Points)
Replied 11 June 2012
An urban land is an "asset" whether it is a agriculture land or not-agriculture land-
Meena Jacob v. WTO(2007)(Cohin)
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CAclubindia
