Wealth tax exemption threshold for employee allotted residential premises increased, altering asset inclusion rules from the effective assessment year.

The Bill substitutes a higher monetary limit in sub clause (i) of clause (ea) of section 2 of the Wealth tax Act so that a house allotted by a company to an employee, officer or director in whole time employment whose gross annual salary falls at or below the revised threshold will not be included in the definition of assets chargeable to wealth tax.

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