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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Wealth-tax Act Amended: Excludes Agricultural Land, Certain Buildings, and Animals from Tax Starting April 1, 1981.</h1> The Finance (No. 2) Act, 1980, amends the Wealth-tax Act, 1957, specifically section 2, sub-clause (2) of clause (e). Effective from April 1, 1981, the amendment modifies the sub-clause for assessment years starting from that date. The revised provision excludes certain assets from wealth tax, including agricultural land not used for tea, coffee, rubber, or cardamom plantations, buildings owned or occupied by cultivators or rent receivers related to such land, and animals. The buildings must be necessary for residential or storage purposes and located on or near the land.
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