Value of assets, how to be determined. (1) Subject to the provisions of sub-section (2), the value of any asset, other than cash, for the purposes of this Act shall be its value as on the valuation date determined in the manner laid down in Schedule III. (2) The value of a house belonging to […]
Exclusion of assets and debts outside India In computing the net wealth of an individual 25[who is not a citizen of India or of an individual] or a Hindu undivided family not resident in India or resident but not ordinarily resident in India, or of a company not resident in India during the year ending on
Exemptions in respect of certain assets 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
Net wealth to include certain assets In computing the net wealth— (a) of an individual, there shall be included, as belonging to that individual, the value of assets which on the valuation date are held—] 66[(i) by the spouse of such individual to whom such assets have been transferred by the individual, directly
Charge of wealth-tax Subject to the other provisions contained in this Act], there shall be charged for every 60[assessment year] commencing on and from the first day of April, 1957 61[but before the first day of April, 1993], a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of
Definitions In this Act, unless the context otherwise requires,— (a) 2[***] 3[(b) “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax Act ; (c) “assessee” means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes— (i) every person
Short title, extent and commencement (1) This Act may be called the Wealth-tax Act, 1957. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April, 1957. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income