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Wealth tax on agricultural land
Wealth tax not leviable on urban land which is classified as agricultural land in govt recods and used for agricultural purposes.The words"and used for agricultural purposes"does it connotes the agricultural activities must have been continued till the valuation date or is it sufficient the purpose of use in revenue records should not have changed to get the exemption Pl.clarify n quote case laws in favour if any.
Replies (4)
Wealth Tax Act is abolished. I think it is not has any relevance now.
I m facing earlier years cases in appeal.so need some clarification if someone can enlighten me.
Yes. It should have been used continuously for 2 years forfor agricultural purpose.
query- Regarding cash paments under section 269ST whether cash paymentsmade by partnership firm to its partnersagaist capital withdrawals will be coveredunder section 269ST ?Can some one help to clarify the situation?
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