Wealth tax amendment revises exemptions for new dwellings, returnee assets, equity shares and valuation rules. The Finance Act, 1976 amends the Wealth tax Act, 1957 by reassigning the Schedule as Schedule I, revising wealth tax rates for individuals and Hindu undivided families, introducing time limited exemptions for newly constructed small dwelling units and for returning persons of Indian origin bringing money and assets into India, excluding legal practitioner fees and certain employer provided employee housing from net wealth, allowing an optional market value valuation rule for a principal residence, and adding Schedule II listing specified industrial articles relevant to an equity share exemption.