https://www.taxtmi.com/caselaws?id=36536 Retrospective amendment to section 5(1)(viii) of the Wealth-tax Act excluded jewellery from exemption, so ornaments and jewellery held by the assessee, including jewellery gifted to spouse and child, could not qualify on the basis of personal or household use. The proviso to section 4(1)(a) was construed as operating by reference to the relevant gift-tax assessment years and the chargeability of the transfer to gift-tax, not as a broad exclusion for all earlier gifts. On that construction, only gifts within the specified period could be kept out of net wealth, and the claimed exclusions failed. en-us Wed, 02 Apr 1980 00:00:00 +0530 Tue, 23 Mar 2010 10:45:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36536 Retrospective amendment to section 5(1)(viii) of the Wealth-tax Act excluded jewellery from exemption, so ornaments and jewellery held by the assessee, including jewellery gifted to spouse and child, could not qualify on the basis of personal or household use. The proviso to section 4(1)(a) was construed as operating by reference to the relevant gift-tax assessment years and the chargeability of the transfer to gift-tax, not as a broad exclusion for all earlier gifts. On that construction, only gifts within the specified period could be kept out of net wealth, and the claimed exclusions failed. Case-Laws Wealth-tax Wed, 02 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36536