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        F. Acts / Amendment Acts

        Section 34 - Amendment of Section 21

        Finance (No. 2) Act, 1971
        Chapter IV
        WEALTH-TAX

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        Net wealth computation amendment restricts exclusion of specified asset classes, narrowing permitted asset exemptions for wealth-tax purposes. The amendment removes the words limiting clause (a) and the proviso to individuals and adds an Explanation that, notwithstanding section 5, any assets listed in clauses (xv) through (xxix) of subsection (1) shall not be excluded when computing net wealth for the purposes of subsection (4) in cases not covered by the proviso.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Net wealth computation amendment restricts exclusion of specified asset classes, narrowing permitted asset exemptions for wealth-tax purposes.

                                The amendment removes the words limiting clause (a) and the proviso to individuals and adds an Explanation that, notwithstanding section 5, any assets listed in clauses (xv) through (xxix) of subsection (1) shall not be excluded when computing net wealth for the purposes of subsection (4) in cases not covered by the proviso.


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