Wealth-tax exemption available for units under the Wealth-tax Act, 1957, and the Unit Trust of India Act, 1963--Clarification regarding

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.... Sir, Subject: Wealth-tax exemption available for units under the Wealth-tax Act, 1957, and the Unit Trust of India Act, 1963--Clarification regarding. A doubt has been raised in certain quarters as to the extent to which Units of the Unit Trust of India are exempt for the purpose of Wealth-tax assessment. 2. The exemption under clause (xxv) of sub-section (1) of section 5 of the Wealth-tax A....

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.... net wealth of the assessee, Units of the value not exceeding twentyfive thousand rupees. Thus, the exemption under the aforesaid provision is not subject to the limitation and restriction provided under section 5(1A) or section 5(3)(b) of the Wealth-tax Act, 1957. 4. In view of the position stated above, it is clarified that the exemption under section 32(1)(ba) of the Unit Trust of India Act, 1....