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Wealth Tax on Urban Agricultural Land

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(Querist)
04 March 2009 Wealth tax is not levied on productive assets.Urban agricultural land where agricultural operations are carried on is covered under the head Urban Land and is chargeable as taxable Wealth.Is it correct?
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srinivasan pooranalingam

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srinivasan pooranalingam (Expert)
04 March 2009
Yes, u/s. 2(ea) of wealth tax act, 1957 it is a taxable wealth
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CA Tirth Ajani

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CA Tirth Ajani (Expert)
04 March 2009 as per defination U/S 2(ea)(V) : urban land is an ASSET. whether it is agricultural land or non-agricultural land.

thus, its taxable wealth.
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