Net wealth computation: aggregate Schedule III-valued assets minus section 5 exemptions and asset-related debts to determine taxable base. Computation of Net wealth requires aggregating the value of all assets belonging to the assessee and those required to be included under section 4, each valued according to Schedule III, then deducting exemptions under section 5 and debts owed by the assessee that relate to the assets included to arrive at net wealth for wealth-tax purposes.
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.
Net wealth computation: aggregate Schedule III-valued assets minus section 5 exemptions and asset-related debts to determine taxable base.
Computation of Net wealth requires aggregating the value of all assets belonging to the assessee and those required to be included under section 4, each valued according to Schedule III, then deducting exemptions under section 5 and debts owed by the assessee that relate to the assets included to arrive at net wealth for wealth-tax purposes.
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