Land classified as agricultural land in the records of the Government and used for agricultural purposes not an asset chargeable to wealth-tax
Section 2(ea) of the Wealth-tax Act, 1957 is proposed to be amended to clarify the real intent of the law, i.e., the agricultural land in the records of the Government and used for agricultural purposes shall not be considered as urban land even if it falls within the specified urban limits. Consequently, such land would not be chargeable to wealth-tax.
Do we know if the similar amendment in Income Tax Act is also made so that there will not be capital gains tax on tarnsfer of the land which is agricultural land in the records of the Government and used for agricultural purposes?