wealth tax on urban land given on lease for horticulture

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yogen vashisth (Querist)
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27 December 2010 dear sir
kindly guide me that wealth tax is payable or not on urban land given on lease for horticulture purposes or being used by the owner for horticulture purposes.

sachin

sachin (Expert)
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28 December 2010 Dear Yogen

As per 2(ea) following are excluded for the purpose of wealth tax act:

Agricultural land situated in urban area is not liable to wealth-tax.

As per me the said land used for horticulture is excluded from wealth tax act.

However opinion of other experts should be taken.

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yogen vashisth

yogen vashisth (Querist)
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28 December 2010 hi sachine sr
thanx for your reply but sr could u plz tell me under which section agriculture land in urban area is exempt as i am not able to find in sec 2(ea) such thing.

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sachin

sachin (Expert)
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28 December 2010 under sec 2(ea)(5) of wealth tax Act