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of <h1>Wealth-Tax Exemption Clarified: Unit Trust of India Units Have Limits Under Wealth-tax Act & Additional Benefits via UTI Act.</h1> The circular addresses the wealth-tax exemption for Units of the Unit Trust of India under the Wealth-tax Act, 1957, and the Unit Trust of India Act, 1963. It clarifies that under section 5(1)(xxv) of the Wealth-tax Act, exemptions are limited to Rs. 1,50,000 and require ownership for at least six months. However, section 32(1)(ba) of the Unit Trust of India Act allows an additional exemption of up to Rs. 25,000 for individuals or Hindu undivided families residing in India, independent of the Wealth-tax Act's limitations. This clarification should be communicated to relevant officers.
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