This refers to the report "Chidambaram 'assures' no wealth tax on agriculture land" (April 30). It may be logical for the government to impose a wealth tax on farm land for rate purposes, as in the case of income tax (vide clause 2 (2) of the Finance Bill, 2013). If it does so, our wealthy agriculturists would not be able to enjoy the basic exemption limit of Rs 15 lakh for wealth tax, as the value of agricultural land would have to be taken into consideration for rate purposes only.
M Krishnan Navi Mumbai
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