https://www.taxtmi.com/circulars?id=9279 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 After the statutory amendment effective from April 1975, separate exemption for agricultural land was withdrawn and agricultural land was linked with specified financial assets so that a single aggregate deduction for one or more of those assets and agricultural land is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. en-us Wed, 27 Jun 1979 00:00:00 +0530 Fri, 03 Jun 2011 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9279 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 After the statutory amendment effective from April 1975, separate exemption for agricultural land was withdrawn and agricultural land was linked with specified financial assets so that a single aggregate deduction for one or more of those assets and agricultural land is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. Circulars Income Tax Wed, 27 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9279