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<h1>Meaning of assets for wealth tax: specified asset categories and statutory exclusions determine what holdings are taxable under the law.</h1> The meaning of assets for wealth tax lists taxable categories-houses (including specified farm houses), motor cars (excluding business-use), jewellery and precious-metal articles, yachts/boats/aircraft (excluding commercial-use), urban land, and unrecorded cash above the prescribed threshold-and provides exclusions for assets held as stock-in-trade or used in business. Definitions clarify that jewellery includes ornaments and precious/semi-precious stones, and that urban land comprises areas within municipal/cantonment limits or specified adjacent areas while excluding land where construction is prohibited or certain industrial or trading holdings.