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<h1>Wealth-tax Act amendment revises tax rates for individuals and HUFs; rates from 0.5% to 3.5% based on wealth.</h1> The amendment to the Wealth-tax Act, 1957, introduced by the Finance (No. 2) Act, 1977, revises the tax rates applicable to individuals and Hindu undivided families (HUFs). For individuals and HUFs not covered by specific provisions, the tax rates vary from 0.5% to 3.5% based on net wealth brackets, with no tax for net wealth up to Rs. 1,00,000. For HUFs with a member whose net wealth exceeds Rs. 1,00,000, rates range from 1.5% to 3.5%. In both cases, the maximum tax cannot exceed 5% of the net wealth exceeding Rs. 1,00,000.