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The government today allayed fears of the farming community over imposing 1% wealth tax on agricultural land and moved an official amendment to rule out any such tax.
The issue assumes importance as leaders from Punjab and Haryana yesterday met UPA chairperson Sonia Gandhi to register their protest over a Budget proposal which they said would impose the tax on farm land.
In a debate over the Finance Bill, Finance Minister P Chidambaram said commodity transaction tax on select non-agricultural commodities will stay and it will curb speculative activities.
He also announced some measures to improve capital flows.
