India won't impose wealth tax on farm land

Last Updated: Tue, Apr 30, 2013 08:41 hrs

The government has no intention to impose a wealth tax on farm land, Finance Minister P. Chidambaram said in parliament on Tuesday, providing relief to farmers.

Earlier, the minister had proposed to impose 1 percent wealth tax on the value of farm land falling within an 8-kilometre radius of urban areas.

Farm income in India is exempted from payment of income tax.

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