Whether Agricultural Land is treated as Asset under Wealth Tax Act? If yes, whether it can be claimed as Exempt Asset?
Somaas Kandan (CA Final) (385 Points)
09 November 2010Whether Agricultural Land is treated as Asset under Wealth Tax Act? If yes, whether it can be claimed as Exempt Asset?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 09 November 2010
Dear Somaas,
Agricultural land situated in urban area is not liable to wealth-tax.
Regards,
Devendra. K
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