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Wealth Tax Exemption: Urban Land Converted to Productive Use Qualifies for Exemption During Conversion Period.

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....Imposition of wealth tax - Once the non-productive asset like urban land is converted to a productive asset like a building which qualifies for exemption, then the assessee can start availing of exemption even during the period of conversion of such non-productive asset to productive asset - AT....

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Wealth Tax Exemption: Urban Land Converted to Productive Use Qualifies for Exemption During Conversion Period.