Amendment of section 5
Wealth-tax
Amendment of section 5.
37.In section 5 of the Wealth-tax Act, 1957 (57 of 1957) (here in after referred to as the Wealth-tax Act),—
(a) in sub-section (1) , with effect from the 1st day of April, 1986,—
(i) the following proviso shall be added to clause (i), namely:—
"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 clause (22) or clause (22A) or clause .(23B) or clause (23C) of section 10 of that Act;";
(ii) in clause (iv), the proviso shall be omitted;
(b) in sub-section (1A), with effect from the 1st day of April, 1986,---
(i) for the word, brackets and figures "clauses (xv)", the word, brackets and figures "clauses (iv), (xv)" shall be substituted;
(ii) for the words "two hundred and sixty-five thousand rupees", at both the places where they occur, the words "five hundred thousand rupees" shall be substituted;
(iii) the second proviso [inserted by item (3) of sub-clause (ii) of clause (a) of section 34 of the Finance Act, 1984](21of1984) shall be omitted;
(iv) in the third proviso [inserted by item (3) of sub-clause (ii) of clause (a) of section 34 of the Finance Act, 1984] (21 of 1984), for the . words "Provided also", the words "Provided further" shall be substituted;
(c) in sub-section (3) [as amended by sub-clause (iii) of clause (a) of section 34 of the Finance Act, 1984] (21 of 1984), the brackets, figures and letter "(xxva)," shall be omitted.
[Finance Act, 1985]