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of <h1>Wealth-tax Act Amended: New Exemption for Housing Deposits, Retroactive Citizen Clause, and Extended Compliance Period</h1> Section 5 of the Wealth-tax Act, 1957, has been amended by the Taxation Laws (Amendment) Act, 1984. A new clause (xxviib) is added to sub-section (1), allowing deposits with authorities in India for housing or urban planning to be exempt from wealth tax. In clause (xxxiii), the term 'citizen of India' is included retroactively from April 1, 1977. Sub-sections (1A) and (3) are updated to include clause (xxviib), and the Explanation in sub-section (3) changes the period from 'thirty days' to 'sixty days.'
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