Wealth tax exemption period begins in the assessment year following return to India and runs consecutively. The provision grants a seven-assessment-year wealth-tax exemption commencing in the assessment year immediately following a person's return to India, with no intervening gap; the clause applies only prospectively from its commencement and is not available to persons who returned to India prior to the provision coming into force.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wealth tax exemption period begins in the assessment year following return to India and runs consecutively.
The provision grants a seven-assessment-year wealth-tax exemption commencing in the assessment year immediately following a person's return to India, with no intervening gap; the clause applies only prospectively from its commencement and is not available to persons who returned to India prior to the provision coming into force.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.