hi,
agriculture land has been considered as exempt assets as per the wealth tax act. My question is if agri. land is situated within 8 kms. then the same will be considered as urban land and included in the wealth of the assessee or still enjoy the benefit of exempt income????? urgnt please
Wealth tax is not applicable on Agricultural land even if it is situated within 8 KMs limit.
Reason is, normally construction is not allowed on agricultural land.
City Development authorities like DTCP won't give approval to construct building on land which is classified as agricultural land.
Though in Wealth Tax act, agricultural land in Urban area is not specifically excluded, it will be exempted due to above reason.
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