Amendment of section 2

In force As on 09 Oct 2026

Ministry Finance

Section 61 of the Finance Act, 2013 deals with amendment of section 2. Wealth-tax Amendment of section 2. 61. In section 2 of the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), in clause (ea), in Explanation :— (A) | in clause (b), for the words "but does not include land on which construction of a building", the following shall be s

Wealth-tax
Amendment of section 2.
61. In section 2 of the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), in clause (ea), in Explanation :—
(A) in clause (b), for the words "but does not include land on which construction of a building", the following shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1993, namely:—
"but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building";
(B) for clause (b) as SO amended, the following clause shall be substituted with effect from the 1st day of April, 2014, namely:—
'(b) "urban land" means land situate—
(i) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or
(ii) in any area within the distance, measured aerially,—
(I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten thousand but not exceeding one lakh; or
(II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than one lakh but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten lakh,
but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him.
Explanation.—For the purposes of clause (b) of Explanation 1, "population" means the population according to the last preceding census of which the relevant figures have been published before the date of valuation.".
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Section 61, The Finance Act, 2013.

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Questions about Section 61

What does Section 61 of the Finance Act deal with?

Section 61 of the Finance Act is headed "Amendment of section 2". Wealth-tax Amendment of section 2. 61. In section 2 of the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), in clause (ea), in Explanation :— (A) | in clause (b), for the words "but does not include land on which construction of a building", the following shall be s

How do I find court cases under Section 61 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2013 61, section 61 Finance Act 2013, section 61 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 61 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), Wealth-tax Act 2 (Definitions), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2013. India Code records no commencement date for it. It is in force as at the date shown on this page.

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First Schedule. First Schedule7233 words
2. Income-tax3208 words
26. Insertion of new Chapter X-A1952 words
103. Amendment of Act 32 of 19941412 words
5. Amendment of section 101253 words
39. Insertion of new section 144BA1225 words

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(A)		in clause (b), for the words "but does not include land on which construction of a building", the following shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1993, namely:—
		"but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building";
(B)		for clause (b) as SO amended, the following clause shall be substituted with effect from the 1st day of April, 2014, namely:—
		'(b) "urban land" means land situate—

(i)		in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or
(ii)		in any area within the distance, measured aerially,—

(I)		not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten thousand but not exceeding one lakh; or
(II)		not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than one lakh but not exceeding ten lakh; or
(III)		not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten lakh,

		but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him.
		Explanation.—For the purposes of clause (b) of Explanation 1, "population" means the population according to the last preceding census of which the relevant figures have been published before the date of valuation.".