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of <h1>Amendment to Wealth-tax Act Redefines 'House' and Extends Land Holding Period; Updates 'Assessing Officer' Definition</h1> The amendment to the Wealth-tax Act under the Finance (No. 2) Act, 1998, revises definitions and clauses effective from October 1, 1998, and April 1, 1999. The term 'Assessing Officer' now includes various tax officials with jurisdiction under specific provisions of the Income-tax Act. The definition of 'house' for wealth-tax purposes excludes certain residential and commercial properties, such as those used as stock-in-trade or let out for a minimum of 300 days. Additionally, the holding period for land as stock-in-trade is extended from five to ten years. The amendment also aligns certain tax official titles with those under the Income-tax Act.
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