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of <h1>Section 61 revises section 2(ea) Wealth-tax 'urban land' definition, exempting genuine agricultural and specified industrial holdings</h1> Section 61 of the Finance Act, 2013 amends section 2(ea) of the Wealth-tax Act, 1957 regarding the definition of 'urban land.' Retrospectively from 1 April 1993, 'urban land' excludes agricultural land classified as such in government records and actually used for agricultural purposes. Prospectively from 1 April 2014, 'urban land' is defined by location within or near municipalities or cantonment boards based on specified population and aerial distance thresholds. Exclusions include agricultural land so classified and used, land where building construction is legally impermissible, land occupied by approved buildings, unused industrial land for two years from acquisition, and land held as stock-in-trade for ten years from acquisition, with 'population' tied to the last published census.
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