TaxTMI 
TaxTMI 
I HAVE URBAN LAND OF 25 GROUND'S PURCHASED 3 YEARS BACK, IN THIS PROPERTY PRESENTLY I AM RUNNING VEHICLE STAND(with Out ANY BUILDING ) WITH MONTHLY INCOME OF AVERAGE Rs 75,000/- PRESENTLY PROPERTY VALUE IS Rs12,00,00,000/- PLEASE TELL ME ANY BODY ABOUT MY WEALTH TAX APPLICABILITY
Wealth tax applicability
29 Jul 2009 
2 Replies 
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Wealth tax on urban land: undeveloped land used as a vehicle stand may be taxable unless qualifying exemptions apply.
Land without any building will not qualify as a house and is treated as urban land, the value of which ordinarily forms part of the taxpayer's gross wealth. However, if the property is held as commercial stock in trade or demonstrably a commercial establishment, exemptions or alternative treatment may apply depending on factual presentation and supporting evidence. (AI Summary)
Land without any building will not qualify as a house and is treated as urban land, the value of which ordinarily forms part of the taxpayer's gross wealth. However, if the property is held as commercial stock in trade or demonstrably a commercial establishment, exemptions or alternative treatment may apply depending on factual presentation and supporting evidence. (AI Summary)