Wealth-tax exemption clarifies qualifying annuity interests and exempt government and National Housing Bank deposits from taxable assets. Amendment to section 5 of the Wealth-tax Act inserts exemptions for an assessee's right or interest in specified Life Insurance Corporation annuity plans ... Summary
Wealth-tax exemption clarifies qualifying annuity interests and exempt government and National Housing Bank deposits from taxable assets.
Amendment to section 5 of the Wealth-tax Act inserts exemptions for an assessee's right or interest in specified Life Insurance Corporation annuity plans and for deposits made under a designated employee deposit scheme and deposits with the National Housing Bank, and adjusts subsection (1A) to reflect the new clause references.
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