Agricultural land
Querist : Anonymous
Also please suggest whether the agricultural income on such land would be exempt or not from Income Tax now?
Go to the following link:
http://taxguru.in/income-tax/wealth-tax-agricultural-lands-urban-area.html
It further said that the wealth tax is not leviable on urban land which is “classified as agricultural land in the records of the Government; and used for agricultural purposes”
Any income from such land driven as agricultural income is exempt from the purview of tax..
regards,
assets, there was no intention to levy wealth tax on
the agricultural land which cannot be termed as
unproductive assets.
the wealth tax is not leviable on
urban land which is classified as agricultural land in
the records of the Government; and used for
agricultural purposes. The proposed amendment will
take effect retrospectively from April 1, 1993
Querist : Anonymous
Querist : Anonymous
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