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of <h1>Finance Act 1985 Amends Wealth-tax Act: Excludes Business Properties, Updates Thresholds to 500,000 Rupees, and Refines Provisions.</h1> Section 5 of the Wealth-tax Act, 1957, is amended by the Finance Act, 1985, effective April 1, 1986. In sub-section (1), a proviso is added to exclude certain business properties from clause (i). Clause (iv) of the same sub-section omits an existing proviso. In sub-section (1A), references to clauses are updated, and the monetary threshold is increased from 265,000 to 500,000 rupees. Additionally, the second proviso is removed, and wording in the third proviso is modified. In sub-section (3), specific references are omitted. These amendments refine the application and thresholds of wealth-tax provisions.
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