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of <h1>Wealth Tax Act exempts charitable trusts, Hindu family assets, heirlooms, and returning citizens' assets for seven years.</h1> The Wealth Tax Act, 1957, exempts certain assets from wealth tax calculations. These include properties held under trust for charitable or religious purposes, interests in Hindu undivided family coparcenary properties, and specific properties and jewelry recognized as heirlooms by the government. Additionally, assets brought into India by returning Indian citizens or persons of Indian origin are exempt for seven years. One house or a plot of land up to 500 square meters is also exempt. Various clauses have been omitted by the Finance Act, 1992, and other amendments, reflecting changes in the applicable exemptions over time.
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