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of <h1>Wealth Tax Act: Section 5(1)(iv) Confirms Exemptions for Commercial Properties Since 1972, No Amendments Planned.</h1> The circular clarifies that under Section 5(1)(iv) of the Wealth Tax Act, 1957, exemptions are available for properties, including those let out for commercial purposes, effective from April 1, 1972, as per Instruction No. 568 dated July 9, 1973. Despite objections from receipt audits suggesting that exemptions apply only to residential properties, the Board has decided not to amend the instruction. Furthermore, the Board determined that no remedial action is necessary, even as a precautionary measure, in light of Instruction No. 828 dated February 24, 1975. Field officers are advised to note this decision.
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