Wealth-tax exclusions expanded to exclude jewellery from household articles and to add co operative society holdings. Amendment to section 5 removes the residential-use qualifier in clause (iv); amends clause (viii) to exclude jewellery from household articles while adding provisos that exclude items containing precious metals and preserve inclusion of conveyances beyond a prescribed value; defines 'jewellery' and 'conveyance'; substitutes the temporal scope in clause (xx); inserts clauses (xxviii)-(xxx) to exclude co-operative society shares and specified member deposits; and updates cross-references in sub-sections (1A) and (3) to include the new clauses.
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Wealth-tax exclusions expanded to exclude jewellery from household articles and to add co operative society holdings.
Amendment to section 5 removes the residential-use qualifier in clause (iv); amends clause (viii) to exclude jewellery from household articles while adding provisos that exclude items containing precious metals and preserve inclusion of conveyances beyond a prescribed value; defines "jewellery" and "conveyance"; substitutes the temporal scope in clause (xx); inserts clauses (xxviii)-(xxx) to exclude co-operative society shares and specified member deposits; and updates cross-references in sub-sections (1A) and (3) to include the new clauses.
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