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Citedby 407 docs - [View All]
Commissioner Of Wealth Tax, ... vs Yuvraj Amrinder Singh Etc on 8 October, 1985
Hanuman Mal Sekhani vs Commissioner Of Wealth-Tax on 28 July, 1986
Commissioner Of Wealth Tax And ... vs Sb. Zainab Noorul Sayeed And Ors. on 13 March, 2003
Magniram Baijnath vs Wealth-Tax Officer on 13 July, 1995
Damji Jairam vs Commissioner Of Wealth-Tax on 30 November, 1979

[Complete Act]
Central Government Act
Section 5 in THE WEALTH-TAX ACT, 1957
5 Exemptions in respect of certain assets. — 90 [ 91 [***] Wealth-tax shall not be payable by an assessee in respect of the following assets]; and such assets shall not be included in the net wealth of the assessee—
(i) any property held by him under trust or other legal obligation for any public purpose of a charitable or religious nature in India: 92 [Provided that nothing contained in this clause shall apply to any property forming part of any business, not being a business referred to in clause (a) or clause (b) of sub-section (4A) of section 11 of the Income-tax Act in respect of which separate books of account are maintained or a business carried on by an institution fund or trust referred to in 93 [***] clause (23B) or clause (23C) of section 10 of the Act;]
(ii) the interest of the assessee in the coparcenary property of any Hindu undivided family of which he is a member;
(iii) 94 [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; 95 [***]
(i) that the jewellery shall be permanently kept in India and shall not be removed outside India except for a purpose and period approved by the Board;
(ii) that reasonable steps shall be taken for keeping the jewellery substantially in its original shape;
(iii) that reasonable facilities shall be allowed to any officer of Government authorised by the Board in this behalf to examine the jewellery as and when necessary; and
Explanation. —For the purposes of clause (iv) of the foregoing proviso, the fair market value of any jewellery on the date of the withdrawal of the recognition in respect thereof shall be deemed to be the fair market value of such jewellery on each successive valuation date relevant for the assessment years referred to in the said proviso: Provided further that the aggregate amount of wealth tax payable in respect of any jewellery under clause (iv) of the foregoing proviso for all the assessment years referred to therein shall not in any case exceed fifty per cent. of its fair market value on the valuation date relevant for the assessment year in which recognition was withdrawn;] 98 [***] Provided that this exemption shall apply only for a period of seven successive assessment year commencing with the assessment year next following the date on which such person returned to India. 102 [ Explanation 1].—A person shall be deemed to be of Indian origin if he, or either of his parents or any of his grandparents, was born is undivided India ]. 103 [ Explanation 2.—For the removal of doubts, it is hereby declared that moneys standing to the credit of such person in a Non-resident (External) Account, in any bank in India in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973) and any rules made thereunder, on the date of his return to India, shall be deemed to be moneys brought by him into India on that date.] 104 [***]