Exemption from the levy of urban land tax.

Nothing in this Act shall apply to any owner, if the aggregate extent of urban land held by him - (i) in any urban area in which this Act is in force (other than the Madras City Belt Area), does not exceed - (a) two grounds, if such urban land is vacant or is used for residential purposes, or (b) half ground, if such urban land is used for non-residential purposes; (ii) in the Madras City Belt Area, does not exceed - (a) three grounds, if such urban land is vacant or is used for residential purposes; or (b) one ground, if such urban land is used for non-residential purposes: Provided that where the aggregate extent of urban land held by any owner during any part of the fasli year exceeds the extent mentioned above, but subsequently if the extent so held is reduced below the extent above mentioned, such owner shall be liable to pay the urban land tax for that fasli year, as if there had been no such reduction.