Section 5(1)(xxvb) of the Wealth-tax Act, 1957-Whether exemption of the deposits made under the National Savings Scheme, 1987, from wealth-tax contained in clause (xxvb) of sub-section (1) of section 5 of the Wealth-tax Act is not subject to the limit of Rs. 5 lakhs specified in sub-section (1A) of

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....7-Whether exemption of the deposits made under the National Savings Scheme, 1987, from wealth-tax contained in clause (xxvb) of sub-section (1) of section 5 of the Wealth-tax Act is not subject to the limit of Rs. 5 lakhs specified in sub-section (1A) of section 5 of that Act Circular No. 511 Dated 10/5/1988 1. The Finance Act, 1987, introduced a new section 80CCA in the Income-tax Act to provi....