11 December 2012
Lands which are not assets under wealth tax act are:-
* Rural Land * Urban land on which construction is not permissible under any law for the time being in force. * Urban land which is unused for industrial purpose by an industrial undertaking for a period of 2 years. * Urban land held as stock in trade for a period of 10 years.
Moreover exemption can be claimed under sec 5(vi) for a plot of land upto 500 sq metres or a house(any one can be claimed).
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