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of <h1>Debts on Non-Chargeable Properties Under Wealth Tax Act 1957 Not Deductible in Net Wealth Calculation.</h1> Debts incurred in relation to property not chargeable to wealth tax under the Wealth Tax Act, 1957, will not be deducted when computing an assessee's net wealth. The Board concluded that assets listed in section 5(1) are considered non-chargeable for wealth tax under section 2(m)(ii). For properties partially exempt under section 5(1), deductions for related debts should be calculated in a manner most beneficial to the assessee. For example, if a debt is secured on a property with partial exemption, the deductible amount will be limited to the property's value included in the net wealth.
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