Agri. land situated in urband area i.e. within 8 kms. of local limit is liable for wealth tax or exempted??? please clarify
ALPESH KUMAR (SUPRITENDENT) (140 Points)
22 August 2012Agri. land situated in urband area i.e. within 8 kms. of local limit is liable for wealth tax or exempted??? please clarify
if the land is situated in any area with in 8 km or with in notified distance from the local limits of a local authority then such land will become urban land.
urban land is an asset but under following situations urban land is not included in assets.
1. if construction of building is not allowed on a land then such land cannot b included in assets.
2.if building is constructed on a land after taking approval of the appropriate authority then such land cannot b included in assets............
and according to sec 2(ea) agricultural land is not an asset.......................
hope it helps
CAclubindia
