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of <h1>Wealth-tax Act Amendment: Residential Houses for Employees Earning Under Rs. 10,00,000 Exempted as Assets (Section 2, Clause ea.</h1> The 2012-13 amendment to the Wealth-tax Act, 1957, modifies the definition of a residential house as an asset. Under Section 2, clause (ea), sub-clause (i), item (1), a residential house is not considered an asset if it is used exclusively for the residential purposes of a full-time employee, officer, or director whose gross annual salary is below Rs. 10,00,000. This threshold was previously set at Rs. 5,00,000.
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