Exemption for agricultural land linked to aggregate asset exemption, requiring proportional allocation of wealth tax between assets. Exemption for agricultural land is integrated with the aggregate exemption for specified assets; compute wealth-tax on those assets by applying the average rate to their value after deducting the aggregate exemption, then allocate to agricultural land by prorating the post exemption tax in the ratio of agricultural land's gross value to the gross value of the specified asset class before deduction. If the combined gross value of those assets is below the aggregate exemption ceiling, no tax is attributable.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption for agricultural land linked to aggregate asset exemption, requiring proportional allocation of wealth tax between assets.
Exemption for agricultural land is integrated with the aggregate exemption for specified assets; compute wealth-tax on those assets by applying the average rate to their value after deducting the aggregate exemption, then allocate to agricultural land by prorating the post exemption tax in the ratio of agricultural land's gross value to the gross value of the specified asset class before deduction. If the combined gross value of those assets is below the aggregate exemption ceiling, no tax is attributable.
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