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of <h1>Finance Bill 2012: Wealth-tax salary threshold raised, RBI exempted, and assessment time limits revised.</h1> Clause 109 of the Finance Bill, 2012 proposes amending the Wealth-tax Act to increase the salary threshold for exempting company-allotted residential houses from wealth-tax from five lakh to ten lakh rupees, effective April 1, 2013. Clause 110 amends section 17 to address wealth escaping assessment, particularly assets outside India, effective July 1, 2012. Clause 111 revises assessment time limits by three months, effective July 1, 2012. Clause 112 exempts the Reserve Bank of India from wealth-tax retrospectively from April 1, 1957. Clause 113 validates demands under the Income-tax Act related to capital asset transfers involving foreign entities.
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