agricultural land situated in urban area is liable for wealth tax

[alex thomas theruvath]

whether agricutural land situated in urban area is exempt from wealth tax

AI Summary

Agricultural land exemption and urban land classification determine whether land remains outside the wealth tax net.
The definitional reach of assets includes urban land, making it taxable, while the statutory exclusion for agricultural land removes qualifying agricultural land from wealth tax. A statutory modification substitutes an item expressly mentioning agricultural land and growing crops, grass or standing trees, thereby affecting the operation of the exclusion for later assessment years.