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of <h1>Finance Act 1964 Updates Wealth-Tax Act: Exemptions, New Sections on Disclosure, Revised Tax Rates for Net Wealth Brackets</h1> The Finance Act of 1964 amends the Wealth-tax Act of 1957 by revising certain provisions. Section 5 is updated to exempt one house used for residential purposes from net wealth, with a cap of one lakh rupees for properties in areas with populations over ten thousand. Section 42 is removed, and new sections 42A and 42B are introduced, allowing the publication and disclosure of information about assessees under specific conditions. Section 43 is modified to include the government in its scope. The tax schedule is revised, detailing tax rates for individuals and Hindu undivided families based on net wealth brackets.
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