Section 2 of the Wealth-tax Act, 1957

clause (ea), in sub-clause (i), in item (1)
Residential house -

A residential house is not asset, if it is meant exclusively for residential purposes  of employee who is in whole-time employment  and the gross annual salary of such employee, officer or director is less than Rs. 10,00,000 previously it was Rs.5,00,000.

Residential house exemption from wealth tax expanded as qualifying employee salary threshold increased for employer-provided homes. Section 2 of the Wealth-tax Act, 1957 is amended so that a residential house provided exclusively for residential purposes of a whole-time employee, officer or director is treated as not an asset for wealth-tax purposes, subject to a revised gross annual salary threshold for eligibility, by modifying clause (ea), sub-clause (i), item (1).