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of <h1>Amendment to Section 4 of Wealth-tax Act: New Rules for Ownership and Deductions in Housing Schemes Effective 1997.</h1> In the amendment to section 4 of the Wealth-tax Act effective April 1, 1997, new provisions define ownership for wealth tax purposes. A member of a co-operative society, company, or association who is allotted or leased a building or part thereof under a housing scheme is deemed the owner, and its value is included in their net wealth. Outstanding installment payments towards the building's cost are deductible as a debt. Additionally, individuals in possession of a building under a contract or acquiring rights in a building, except short-term leases, are also deemed owners for wealth tax calculations.
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