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of <h1>Finance Act 1988 Amends Wealth-tax Act: New Exemptions for Relief Bonds, Employee Housing, and Public Sector Asset Sales.</h1> Section 5 of the Wealth-tax Act, 1957, is amended by the Finance Act, 1988, to include new provisions. A new clause (xvif) is added to exempt certain Relief Bonds specified by the Central Government. Clause (xxxa) is replaced to exempt the value of dwelling units used for residential purposes by employees in plantations or industrial undertakings. Sub-section (1A) is updated with a new proviso exempting assets sold by public sector companies before June 1, 1988. Sub-section (3) is modified to include references to the newly added Relief Bonds in relevant clauses.
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