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of <h1>Board Clarifies Wealth Tax Act Section 5(1)(viii): Household Appliances Exempt, Luxury Items Not Included.</h1> The circular issued by the board, in consultation with the Ministry of Law, clarifies the scope of Section 5(1)(viii) of the Wealth Tax Act, 1957. It determines that items such as fans, refrigerators, air conditioners, geysers, and desert coolers qualify for exemption under this section, provided they are intended for personal or household use. The exemption does not apply to items specifically excluded, such as jewelry, cars valued over Rs. 30,000, or gold and silver ornaments. The criteria for exemption focus on the intended use rather than the movability or fixed nature of the items.
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