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of <h1>Unlimited Wealth-Tax Exemption for National Savings Scheme Deposits u/s 5(1)(xxvb) of Wealth-tax Act 1957 Clarified.</h1> Section 5(1)(xxvb) of the Wealth-tax Act, 1957, exempts deposits made under the National Savings Scheme, 1987, from wealth-tax without being subject to the Rs. 5 lakh limit specified in section 5(1A) of the Act. This clarification addresses inquiries regarding the applicability of the wealth-tax exemption limit to such deposits. The exemption is unlimited, modifying the previous interpretation in the Board's Circular No. 495 dated 22nd September 1987. This ensures that investments in the National Savings Scheme are fully exempt from wealth-tax, irrespective of the Rs. 5 lakh cap applicable to other specified assets.
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