Exemption u/s.5(1)(xvii) of W.T.Act would not be available in respect of the amount of provident fund retained with the Government by an assessee subsequent to his retirement.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....3-D(WT) of 1958, issued vide F.NO.4/16/58-W.T, dated 26th April, 1958 on the above mentioned subject. The question of exemption from wealth-tax under clause (xvii) of sub-section (1) of section 5 of the W.T.Act, 1957 of the amount retained in the Provident Fund after the retirement, has since been reconsidered by the Board. It is felt that since strictly in accordance with the law the exemption f....