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Exemption Denied: Land Purchased in 2003 Taxable as of March 31, 2005, After Exemption Period Ended.
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....Denial of exemption claim - Since the land was purchased on 12.3.2003 , it will continue to claim exemption upto 12.3.2005 but not thereafter and accordingly comes under the ambit of taxable wealth as on 31.3.2005 being the valuation date - AT....
TaxTMI
TaxTMI