Wealth-tax exemption: one residential house or plot ownership excludes certain small plots from tax following amendment. Amendment replaces clause (v) to specify that one house or part of a house or a plot of land belonging to an individual or a Hindu undivided family is treated as a wealth-tax asset, and adds a proviso exempting small plots of land from wealth-tax; it also omits certain clause references from the proviso to clause (i).
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Wealth-tax exemption: one residential house or plot ownership excludes certain small plots from tax following amendment.
Amendment replaces clause (v) to specify that one house or part of a house or a plot of land belonging to an individual or a Hindu undivided family is treated as a wealth-tax asset, and adds a proviso exempting small plots of land from wealth-tax; it also omits certain clause references from the proviso to clause (i).
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