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of <h1>Wealth-Tax Update: Ex Gratia Grants for Properties in East Pakistan Now Taxable Assets Per CBDT Circular.</h1> The circular from the Central Board of Direct Taxes addresses the wealth-tax assessment for properties left in erstwhile East Pakistan after the 1965 Indo-Pak conflict. It modifies a previous circular by clarifying that ex gratia grants received before the valuation date should be considered part of the assessee's taxable wealth, contrary to earlier instructions. The Ministry of Law opined that such payments, once received, qualify as assets and are subject to wealth-tax, leading to the deletion of the conflicting item from the prior circular.
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