Definition of assets expanded for wealth-tax to cover residential properties, vehicles, jewellery, urban land and excess unrecorded cash. The amendment redefines assets for wealth-tax purposes to include specified residential properties, motor cars (with business-use exceptions), jewellery and precious stones, yachts, boats, aircrafts (excluding commercial use), urban land (as specially defined), and cash in hand exceeding a statutory threshold or unrecorded in books, while excluding houses allotted to certain employees, items treated as stock-in-trade, and specified land categories; it also modifies valuation-related wording to apply to amounts incurred in relation to those assets on the valuation date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Definition of assets expanded for wealth-tax to cover residential properties, vehicles, jewellery, urban land and excess unrecorded cash.
The amendment redefines assets for wealth-tax purposes to include specified residential properties, motor cars (with business-use exceptions), jewellery and precious stones, yachts, boats, aircrafts (excluding commercial use), urban land (as specially defined), and cash in hand exceeding a statutory threshold or unrecorded in books, while excluding houses allotted to certain employees, items treated as stock-in-trade, and specified land categories; it also modifies valuation-related wording to apply to amounts incurred in relation to those assets on the valuation date.
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