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of <h1>Finance Act 1965: Deduct Debts from Urban Property Value for Wealth-Tax; Clarifications for Pre-1971 Assessments.</h1> The circular addresses the levy of additional wealth-tax on urban immovable properties under the Finance Act, 1965, which amended the Wealth-tax Act, 1957. It clarifies that debts charged to urban properties should be deducted from their value for tax purposes. From April 1, 1971, any debt incurred for acquiring or improving urban assets is deductible from the asset's gross value, while other debts are first deducted from other assets. Prior to the 1971-72 assessment year, additional wealth-tax should not be levied if net wealth is negative or below the exempted limit. Officers are instructed to note these clarifications.
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