Valuation of agricultural land comprised in coffee, rubber and cardamom plantations-Guidelines regarding

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....th-tax. The Finance Act, 1969, extended the levy of wealth-tax to the value of agricultural property with effect from assessment year 1970-71. The Finance (No. 2) Act, 1980, has excluded from the purview of wealth-tax the value of agricultural property other than the value of agricultural land comprised in tea, coffee, rubber or cardamom plantations and trees standing on such plantations. This ame....

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....d guidelines have been laid down for the valuation of such lands. 3. The agricultural land in the specified plantations may be classified into the following three categories, namely:- (a) lands covered by plants which have started yielding; (b) virgin land which is in the process of being developed and land covered by plants which have not started yielding; (c) virgin land capable of being pla....

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....b) If any expenditure for self-management is not debited to the accounts, the average aggregate expenditure will be increased by an amount equal to 5% of the average of the gross income from the plantation as an allowance for self-management of the plantation. (c) In computing expenditure, the expenses will be allowed on commercial principles but will not include the following: (i) Interest on b....