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of <h1>Amendments to Wealth-tax Act: Jewelry Exclusion, Residential Use Requirement Removed, New Exemptions for Co-op and Housing Societies</h1> The Finance (No. 2) Act, 1971, amends Section 5 of the Wealth-tax Act. Changes include the removal of the requirement for residential use in clause (iv) and the exclusion of jewelry from personal or household articles in clause (viii), effective April 1, 1963. Provisos and explanations regarding precious metals and conveyances are added. Clause (xx) is modified to specify a timeframe. New clauses (xxviii) to (xxx) exempt shares and deposits in co-operative societies and housing societies from wealth tax. Sub-sections (1A) and (3) are updated to reflect these additions, effective April 1, 1972.
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