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of <h1>Asset Valuation Rules Refined: Wealth-tax Act Amendment Clarifies Residential Property Assessment and Taxation Criteria</h1> The amendment modifies Section 7 of the Wealth-tax Act, establishing rules for determining asset values for tax purposes. It specifies that asset values should be calculated according to Schedule III as of the valuation date, with a special provision for residential houses. Taxpayers can choose the valuation date for a house used exclusively for residential purposes, with limitations on claiming multiple residential properties. The amendment provides detailed guidelines for determining ownership and defining what constitutes a house for tax assessment.
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