Wealth-tax exemption categories expanded to include specified non-resident savings certificates and notified capital investment bonds. Amendments to section 5 of the Wealth-tax Act effective 1 April 1983 delete certain clauses, increase specified exemption thresholds, and insert exemptions for specified Central Government saving certificates subscribed in convertible foreign exchange by non-resident Indians or persons of Indian origin, and for Capital Investment Bonds notified by the Central Government. Subsection (1A) is reworded to adjust cross-references and raised thresholds. Subsection (3) is amended to include the new clause reference and to provide that exemptions for Capital Investment Bonds apply from subscription or for at least six months ending on the valuation date, with matching explanatory changes.
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Provisions expressly mentioned in the judgment/order text.
Wealth-tax exemption categories expanded to include specified non-resident savings certificates and notified capital investment bonds.
Amendments to section 5 of the Wealth-tax Act effective 1 April 1983 delete certain clauses, increase specified exemption thresholds, and insert exemptions for specified Central Government saving certificates subscribed in convertible foreign exchange by non-resident Indians or persons of Indian origin, and for Capital Investment Bonds notified by the Central Government. Subsection (1A) is reworded to adjust cross-references and raised thresholds. Subsection (3) is amended to include the new clause reference and to provide that exemptions for Capital Investment Bonds apply from subscription or for at least six months ending on the valuation date, with matching explanatory changes.
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