TaxTMI 
TaxTMI 
Exemptions in respect of certain assets
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....ry property of any Hindu undivided family of which he is a member ; ^ ^ (iii) ^5[any one building in the occupation of a Ruler, being a building which immediately before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, was his official residence by virtue of a declaration by the Central Government] under paragraph 13 of the Merged States (Taxation Concessions) Order, 1949, or paragraph 15 of the Part B States (Taxation Concessions) Order, 1950; ^ ^ (iv) ^ to ^6[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.] ^ ^ (xiii) ^ ^7[(iv)] ^8jewellery in the possession of any Ruler, not being his personal property, which has been recognised before the commencement of this Act, by the Central Government as his heirloom or, where no such recognition exists, which the Board may, subject to any rules that may be....
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....(xv) ^ to ^10[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.] ^ ^ (xxxii) ^ ^11[ ^12[(v)] ^13in the case of an assessee, being a person of Indian origin ^14[or a citizen of India (hereafter in this clause referred to as such person)] who was ordinarily residing in a foreign country and who, on leaving such country, has returned to India with the intention of permanently residing therein, moneys and the value of assets brought by him into India and the value of the assets acquired by him out of such moneys ^15[within one year immediately preceding the date of his return and at any time thereafter] : ^ Provided that this exemption shall apply only for a period of seven successive assessment years commencing with the assessment year next following the date on which such person returned to India. ^ Explanation ^16[1].A person shall be deemed to be of Indian origin if he, or either of his ....
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....ulers of Indian States (Abolition of Privileges) Act, 1972, with retrospective effect from 28-12-1971., before it was read as;-"any one building in the occupation of a Ruler declared by the Central Government as his official residence" 6. Prior to omission, clauses (iv) to (xiii), as amended by the Finance Act, 1964, w.e.f. 1-4-1964, the Finance Act, 1969, w.e.f. 1-4-1970, the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1965, the Finance Act, 1970, w.e.f. 1-4-1971, the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972/w.r.e.f. 1-4-1963, the Finance Act, 1974, w.e.f. 1-4-1975, the Finance Act, 1975, w.e.f. 1-4-1975/w.e.f. 1-4-1976, the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976, the Finance Act, 1976, w.r.e.f. 1-4-1975/w.e.f. 1-4-1977, the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981, the Finance Act, 1982, w.e.f. 1-4-1983, the Finance Act, 1983, w.e.f. 1-4-1984, the Finance Act, 1984, w.e.f. 1-4-1985 and the Finance Act, 1985, w.e.f. 1-4-1986, read as under : '(iv) one house or part of a house belonging to the assessee ; [* * *] (iva) [* * *] (ivb) [* * *] (ivc) one or more dwelling units (each such dwelling unit having a plinth area not exceedi....
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....right of the assessee to receive a pension or other life annuity in respect of past services under an employer ; (viii) furniture, household utensils, wearing apparel, provisions and other articles inten-ded for the personal or household use of the assessee but not including jewellery : Provided that the furniture, utensils or other articles are neither made wholly or partly of, nor contain (whether by way of embedding, covering or otherwise), gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals : Provided further that nothing in this clause shall operate to exclude from the net wealth of the assessee any conveyance or conveyances to the extent the value or the aggregate value thereof exceeds the sum of seventy-five thousand rupees. Explanation 1.-For the purposes of this clause and clause (xiii), "jewellery" includes- (a) ornaments made of gold, silver, platinum or any other precious metals or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel ; (b) precious or semi-p....
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....5, the Finance Act, 1965, w.e.f. 1-4-1965, the Finance (No. 2) Act, 1965, w.e.f. 1-4-1965, the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1965, w.e.f. 4-12-1965, the Finance Act, 1968, w.e.f. 1-4-1969, the Finance Act, 1970, w.e.f. 1-4-1971, the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972, the Finance Act, 1972, w.e.f. 1-4-1973/w.r.e.f. 1-4-1957, the Finance Act, 1975, w.e.f. 1-4-1975, the Labour Provident Fund Laws (Amendment) Act, 1976, w.e.f. 1-8-1976, the Finance Act, 1976, w.e.f. 1-4-1976/1-4-1977, the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981, the Special Bearer Bonds (Immunities and Exemptions) Act, 1981, w.e.f. 12-1-1981, the Finance Act, 1982, w.e.f. 1-4-1983, the Finance Act, 1983, w.e.f. 1-4-1983/1-4-1984, the Finance Act, 1984, w.e.f. 1-4-1985, the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985, the Finance Act, 1986, w.e.f. 1-4-1986, the Finance Act, 1987, w.e.f. 1-4-1988, the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988, the Finance Act, 1988, w.e.f. 1-4-1988/1-4-1989, the Finance Act, 1989, w.r.e.f. 1-4-1988, the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989/1-4-1990, the Finance Act, 1990, w.e.f. 1-4-1991 and the Finance (N....
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.... on the valuation date if in respect of that year the individual is resident in India within the meaning of the Income-tax Act ; (b) the expressions "person of Indian origin" and "foreign exchange asset" shall have the same meanings as in the Explanation below clause (xvic) ; (xvid) in the case of an individual or a Hindu undivided family, such Capital Investment Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf ; (xvie) in the case of an individual or a Hindu undivided family, such debentures issued by a public sector company, as the Central Government may, by notification* in the Official Gazette, specify in this behalf. Explanation.-For the purposes of this clause, "public sector company" means any corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956) ; (xvif) in the case of an individual or a Hindu undivided family, such Relief Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf ; (xvig) in the case of an individual who is a non-resident Indian....
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....n 6C of that Act ; (xviic) any property held by the trustees on behalf of any gratuity fund which is an approved gratuity fund within the meaning of clause (5) of section 2 of the Income-tax Act ; (xviid) any property held by the trustees on behalf of any superannuation fund which is an approved superannuation fund within the meaning of clause (6) of section 2 of the Income-tax Act ; (xviii) the property received by an assessee from Government in pursuance of any gallantry or merit award instituted or approved by the Central Government ; (xviiia) any property being a medal, trophy or an award in kind received by the assessee for any attainment, work or contribution in any field if such medal, trophy or award in kind is received by the assessee from Government or from a University established by law or an institution affiliated to such University or from any such institution, association or body as is approved for the purposes of this clause by the Central Government. Explanation.-Any approval for the purposes of this clause may be given by the Central Government so as to have effect from a date not earlier than the 1st day of April, 1983; (xix) the value of any sh....
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....rtgage bank or a co-operative land development bank) or any other institution or authority, as the Central Government may, by notification* in the Official Gazette, specify in this behalf ; (xxiva) units of a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act ; (xxv) units in the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963) ; (xxva) any deposits under such National Deposit Scheme as may be framed by the Central Government and notified* by it in this behalf in the Official Gazette ; (xxvb) any deposits made under any scheme referred to in clause (i) of sub-section (1) of section 80CCA of the Income-tax Act ; (xxvc) the right or interest of the assessee in any annuity plan of the Life Insurance Corporation referred to in clause (ii) of sub-section (1) of section 80CCA of the Income-tax Act ; (xxvi) any deposits with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act), or with a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or....
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....elonging to the assessee ; (xxxi) the value as determined in the prescribed manner, of assets (not being any land or building or any rights in any land or building or any asset referred to in any other clause of this sub-section) forming part of an industrial undertaking belonging to the assessee. Explanation.-For the purposes of clause (xxxa), this clause, clause (xxxii) and clause (xxxiv), the term "industrial undertaking" means an undertaking engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining ; (xxxii) the value, as determined in the prescribed manner, of the interest of the assessee in the assets (not being any land or building or any rights in any land or building or any asset referred to in any other clause of this sub-section) forming part of an industrial undertaking belonging to a firm or an association of persons of which the assessee is a partner or, as the case may be, a member ;' *For notified schemes of fixed deposits under clause (xv), prior to its omission, refer Direct Taxes Circulars, see also Circular No. 627, dated 27....
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....ng on the valuation date if in respect of that year the individual is not resident in India within the meaning of the Income-tax Act." *See rule 1AA. 21. Before to omission, sub-section (1A), as amended by the Finance Act, 1970, w.e.f. 1-4-1971, the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972, the Finance Act, 1972, w.e.f. 1-4-1973, the Finance Act, 1974, w.e.f. 1-4-1975, the Finance Act, 1975, w.e.f. 1-4-1975, the Finance Act, 1982, w.e.f. 1-4-1983, the Finance Act, 1984, w.e.f. 1-4-1985, the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985, the Finance Act, 1985, w.e.f. 1-4-1986, the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988, the Finance Act, 1988, w.e.f. 1-4-1989, the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and the Finance Act, 1989, w.e.f. 1-4-1990, read as under : "(1A) Nothing contained in sub-section (1) shall operate to exclude from the net wealth of the assessee any assets referred to in clauses (iv), (xv), (xvi), (xvie), (xxii), (xxiii), (xxiv), (xxiva), (xxv), (xxva), (xxvi), (xxvii), (xxviia), (xxviib), (xxviid), (xxviii), (xxix), (xxxi) and (xxxii), [not being deposits under the Post Office Savings Bank (Cumulative Time Deposits)....
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....ment) Act, 1964, w.e.f. 1-4-1965, the Finance Act, 1970, w.e.f. 1-4-1971, the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972, the Finance Act, 1972, w.e.f. 1-4-1973, the Finance Act, 1975, w.e.f. 1-4-1975, the Finance Act, 1982, w.e.f. 1-4-1983, the Finance Act, 1984, w.e.f. 1-4-1985, the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985, the Finance Act, 1985, w.e.f. 1-4-1986, the Finance Act, 1986, w.e.f. 1-4-1986 and the Finance Act, 1988, w.e.f. 1-4-1988, read as under : "(3) Notwithstanding anything contained in sub-section (1), wealth-tax shall be payable by an assessee in respect of the assets referred to in clauses (xv), (xvi), (xvid), (xvie), (xvif), (xix), (xxa), (xxii), (xxiii), (xxiv), (xxv), (xxvi), (xxvii), (xxviia), (xxviib), (xxviii) and (xxix) of sub-section (1) or in sub-section (2) for any assessment year unless the assets are owned by him- (a) in the case of shares in a company, from the date on which the shares were first issued by the company, or for a period of at least six months ending with the relevant valuation date, whichever is shorter ; (aa) in the case of Capital Investment Bonds referred to in clause (xvid), or debentures referred to i....