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of <h1>Wealth-tax Act Amended: Section 5 Changes Include Clause (v) Revision, Land Exemption for Plots Under 500 Sq. Meters</h1> The Finance (No. 2) Act, 1998, amends section 5 of the Wealth-tax Act, effective April 1, 1999. It removes references to clauses (22) and (22A) in the proviso to clause (i). Additionally, it replaces clause (v) to specify that wealth-tax is applicable to one house, part of a house, or a plot of land owned by an individual or a Hindu undivided family. However, wealth-tax is not payable on plots of land measuring 500 square meters or less.
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