Section 32 - Amendment of Section 5 - Finance (No. 2) Act, 1971

32. Amendment of Section 5 In section 5 of the Wealth-tax Act, - (a) in sub-section (1), - (i) in clause (iv), the words and exclusively used by him for residential purposes shall be omitted with effect from the 1st day of April, 1972; (ii) in clause (viii), after the words articles intended for the personal or household use of the assessee , the words ,but not including jewellery shall be inserted, and shall be deemed to have been inserted, with effect from the 1st day of April, 1963; (iii) in clause (viii) as so amended, the following provisos and Explanations shall be inserted at the end with effect from the 1st day of April, 1972, namely :- Provided that the furniture, utensils or other articles are neither made wholly or party of, nor contain (whether by way of embedding, covering or otherwise), gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals : Provided further that nothing in this clause shall operate to exclude from the net wealth of the assessee any conveyance or conveyances to the extent the value or the aggregate value thereof exceeds the sum of twenty-five thousand rupees. Explanation 1 : For the purposes of this clause and clause (xiii), jewellery includes - (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel; (b) precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel. Explanation 2 : For the purposes of this clause, conveyance means any motor car or other mechanically propelled vehicle, aircraft or boat; ; (iv) in clause (xx), for the words, figures and letters after the 31st day of March, 1964 , the words, figures and letters after the 31st day of March, 1964, but before the 1st day of June, 1971 shall be substituted with effect from the 1st day of April, 1972; (v) after clause (xxvii), the following clauses shall be inserted with effect from the 1st day of April, 1972, namely :- (xxviii) any shares held by the assessee in any co-operative society; (xxix) any deposits with a co-operative society, not being deposits referred to in clause (xxvi) or clause (xxx), made by a member of the society; (xxx) any deposits with a co-operative housing society made by a member of the society to whom a building or part thereof is allotted or leased under a house building scheme of the society, where such deposits have been made under such scheme. ; (b) in sub-sections (1A) and (3), for the brackets, figures and word (xxvi) and (xxvii) , the brackets, figures and word (xxvi), (xxvii), (xxviii) and (xxix) shall be substituted with effect from the 1st day of April, 1972.