Security exemption under Wealth-tax Section 5: notified government securities excluded up to overall exemption, only excess taxable. Securities exempted by statutory notification under the Wealth-tax Act are not chargeable to wealth-tax but their value is included in net-wealth; such notified securities must be excluded from computation only to the extent of the overall exemption, and only the value in excess of that overall exemption shall enter the net-wealth computation for determining wealth-tax rates.
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.
Security exemption under Wealth-tax Section 5: notified government securities excluded up to overall exemption, only excess taxable.
Securities exempted by statutory notification under the Wealth-tax Act are not chargeable to wealth-tax but their value is included in net-wealth; such notified securities must be excluded from computation only to the extent of the overall exemption, and only the value in excess of that overall exemption shall enter the net-wealth computation for determining wealth-tax rates.
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