Wealth tax exemption for Unit Trust units remains separate and additional to listed-investment limits and holding conditions. The circular clarifies that the general wealth-tax exemption for listed investments is subject to a monetary limit and a minimum six-month holding requirement, whereas the Unit Trust of India statute grants a separate exemption for units held by resident individuals and Hindu undivided families up to a specified value; that Unit Trust exemption is independent of and additional to the general listed-investment wealth-tax exemption.
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 for Unit Trust units remains separate and additional to listed-investment limits and holding conditions.
The circular clarifies that the general wealth-tax exemption for listed investments is subject to a monetary limit and a minimum six-month holding requirement, whereas the Unit Trust of India statute grants a separate exemption for units held by resident individuals and Hindu undivided families up to a specified value; that Unit Trust exemption is independent of and additional to the general listed-investment wealth-tax exemption.
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