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Citedby 415 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

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[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— 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 of its fair market value on the valuation date relevant for the assessment year in which recognition was withdrawn;] 98 [***] Provided that this exemption shall apply only for a period of seven successive assessment year commencing with the assessment year next following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 [***]