Full Name		Full Name is required
Email ID		Email ID required Invalid Email is ID
(this email-id will be treated as your User ID also)
Address
City		City required
Mobile No		Mobile No is required Invalid Mobile No
	* Mobile No is required for verification of identity

Head Note

Civil Law  - Urban Land (Ceiling and Regulation)

Urban Land (Ceiling and Regulation) Act, 1976, Section 3, 4, 10 - Wealth Tax Act, 1957 - Wealth Tax - Market Value - Vacant land - Excess land -Whether, for the purposes of Wealth Tax Act the market value of the vacant land belonging to the assessee should be taken at the price which is the maximum compensation payable to the assessee under the Urban Land Ceiling Act, 1962? - Such a property which is going to be taken over by the Government and is awaiting notification under Section 10 of the Act for this purpose, would not fetch more than Rs.2 lakhs as the assumed buyer knows that the moment this property is taken over by the Government, he will receive the compensation of Rs.2 lakhs only - When such a presumed buyer is not going to offer more than Rs.2 lakhs, obvious answer is that the estimated price which such asset would fetch if sold in the open market on the valuation date(s) would not be more than Rs.2 lakhs - Held that the compensation of Rs.2 lakhs is in respect of only the "excess land" which is covered by Sections 3 and 4 of the Ceiling Act -Total vacant land for the purpose of Wealth Tax Act is not only excess land but other part of the land which would have remained with the assessee in any case - Therefore, the valuation of the excess land, which is the subject matter of Ceiling Act, would be Rs.2 lakhs - To that market value of the remaining land will have to be added for the purpose of arriving at the valuation for payment of Wealth Tax.

Topic(s)-Wealth Tax - Vacant Land - Market Value