A company has purchased an agricultural land, which is situated within 8 kms from the municipality limit. The land records with the authorities reflect that the said land is an 'agricultural land'.
Whether the same would be covered within the purview of 'urban land' and taxable to wealth tax?
Can it be interpreted that no construction is permissible on agricultural land and hence, even if the said land is situated within the specified limit, the same is not subject to wealth tax?
Separately, does motor car include motor bike and scooters?
15 February 2013
Any land situated within 8 Kms from the municipality limits are exempt from the Wealth Tax for 2 years only if they are kept for industrial purpose. I afraid as this land is agriculture and no construction being allowed, it will become part of wealth.
For Motor Bike n Scooters, They are excluded from the Motor car.
CAclubindia
