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.

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....h Tax Act, 1957 Attention is invited to circular letter No.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 t....