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Weath tax

pravin ramaniklal gadhiya (PARTNER) (24 Points)

12 April 2012

AGRICULTURAL LAND HELD SINCE1990. THE SAID LAND IS CONVERTED IN NON AGRICULTURAL LAND IN THE YEAR 2007-2008 THE SAID LAND IS SOLD IN THE YEAR 2007-2008. WEATH TAX NOTICE RECEVIED FRO ASST. YEAR 2005-2006, 2006-2007, 2007-2008 ON 22-03-2012.

GOVT VALUATION FOR THE LAND WHILE IT WAS SOLD 79,00,000 (CALCULATED ON SQ.MTR RATE)

GOVT VALUATION FOR AGRICULTURAL LAND IN BOTHE THREE YEARS 7,80,000 (RATE AS AN AGRICULTURAL LAND)

IS THERE ANY CASE LAW FOR VALUATION OF LAND

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7 Replies

Rahul Sharma (Practicing Chartered Accountant) (131 Points)
Replied 13 April 2012

Agricultural land is exempt from the purview of Wealth Tax. Then why are you even thinking about its valuation...

Rahul Sharma (Practicing Chartered Accountant) (131 Points)
Replied 13 April 2012

Agricultural Land is as such exempt from Waealth Tax. Then why do you want to even litigate on its valuation ?

Rahul Sharma (Practicing Chartered Accountant) (131 Points)
Replied 13 April 2012

Agricultural Land is exempt under Wealth Tax Act. Then why do you want to litigate on its valutaion ?

KARANDEEP,CA,B.Com,CS FNL (JOB) (457 Points)
Replied 13 April 2012

Agree with Rahul ji ,,,but if that Agricultural land is in urban area,,,than what?

need clarity on that.

Thanks

Rahul Sharma (Practicing Chartered Accountant) (131 Points)
Replied 14 April 2012

The land is urban or rural makes no difference for Wealth Tax purpose. What does matter is wheather it is agricultural land or it is non-agricultural land...