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of <h1>High Court clarifies net wealth assessment timing under Wealth Tax Act, 1957; exceptions for joint family property partitions.</h1> The circular addresses the computation of net wealth under the Wealth Tax Act, 1957, specifying that the net wealth should be assessed at the last moment of the valuation date, as confirmed by a High Court ruling. This approach ensures that the wealth is assessed as late as possible in the previous year. An exception exists for cases under section 20, where if a joint family property is partitioned on the last date of the previous year, the assessment is made on the undivided family. Wealth-tax officers are instructed accordingly, with prior guidance provided on section 20.
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