Wealth tax exemption scope clarified: Post Office Savings deposits excluded from aggregate limit; higher exemption conditional on asset value. Assets enumerated under the Wealth Tax Act that are not deposits under the Post Office Savings Bank Rules attract an aggregate exemption up to the statutory ceiling, while Post Office Savings Bank deposits are excluded from that ceiling. The proviso increases the aggregate exemption only where the value of those specified non deposit assets held continuously from before the base date exceeds the ceiling; enhanced exemption is limited to the excess value of those assets themselves.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wealth tax exemption scope clarified: Post Office Savings deposits excluded from aggregate limit; higher exemption conditional on asset value.
Assets enumerated under the Wealth Tax Act that are not deposits under the Post Office Savings Bank Rules attract an aggregate exemption up to the statutory ceiling, while Post Office Savings Bank deposits are excluded from that ceiling. The proviso increases the aggregate exemption only where the value of those specified non deposit assets held continuously from before the base date exceeds the ceiling; enhanced exemption is limited to the excess value of those assets themselves.
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