Aggregate exemption limit for agricultural land and specified financial assets now applies jointly, changing prior separate treatment. Under the earlier law agricultural land enjoyed a standalone exemption subject to reduction when the taxpayer owned an exempt house in a locality exceeding the population threshold; the reduction equalled the difference between the statutory exemption limit and the exempt house value. After the statutory amendment effective from April 1975, separate exemption for agricultural land was withdrawn and agricultural land was linked with specified financial assets so that a single aggregate deduction for one or more of those assets and agricultural land is allowable up to the statutory ceiling, requiring joint application of exemptions in assessments.
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.
Aggregate exemption limit for agricultural land and specified financial assets now applies jointly, changing prior separate treatment.
Under the earlier law agricultural land enjoyed a standalone exemption subject to reduction when the taxpayer owned an exempt house in a locality exceeding the population threshold; the reduction equalled the difference between the statutory exemption limit and the exempt house value. After the statutory amendment effective from April 1975, separate exemption for agricultural land was withdrawn and agricultural land was linked with specified financial assets so that a single aggregate deduction for one or more of those assets and agricultural land is allowable up to the statutory ceiling, requiring joint application of exemptions in assessments.
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