https://www.taxtmi.com/acts?id=48080 The amendment redefines assets for wealth-tax purposes to include specified residential properties, motor cars (with business-use exceptions), jewellery and precious stones, yachts, boats, aircrafts (excluding commercial use), urban land (as specially defined), and cash in hand exceeding a statutory threshold or unrecorded in books, while excluding houses allotted to certain employees, items treated as stock-in-trade, and specified land categories; it also modifies valuation-related wording to apply to amounts incurred in relation to those assets on the valuation date. en-us Tue, 28 Jan 2025 14:20:36 +0530 Tue, 28 Jan 2025 14:20:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48080 The amendment redefines assets for wealth-tax purposes to include specified residential properties, motor cars (with business-use exceptions), jewellery and precious stones, yachts, boats, aircrafts (excluding commercial use), urban land (as specially defined), and cash in hand exceeding a statutory threshold or unrecorded in books, while excluding houses allotted to certain employees, items treated as stock-in-trade, and specified land categories; it also modifies valuation-related wording to apply to amounts incurred in relation to those assets on the valuation date. Act-Rules F. Acts / Amendment Acts Tue, 28 Jan 2025 14:20:36 +0530 https://www.taxtmi.com/acts?id=48080