Agri. land situated in urband area i.e. within 8 kms. of local limit is liable for wealth tax or exempted??? please clarify
1 Replies
(Guest)
if the land is situated in any area with in 8 km or with in notified distance from the local limits of a local authority then such land will become urban land.
urban land is an asset but under following situations urban land is not included in assets.
1. if construction of building is not allowed on a land then such land cannot b included in assets.
2.if building is constructed on a land after taking approval of the appropriate authority then such land cannot b included in assets............
and according to sec 2(ea) agricultural land is not an asset.......................
hope it helps
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
