Section 37 - Amendment of section 5 - Finance (No. 2) Act, 1980

37. Amendment of section 5 In section 5 of the Wealth-tax Act, in sub-section (1), with effect from the 1st day of April, 1981, - (a) for clause (iva), the following clause shall be substituted, namely :- (iva) agricultural land comprised in any tea, coffee, rubber or cardamom plantation belonging to the assessee; ; (b) in clause (ivb), for the words agricultural land , the words agricultural land comprised in any tea, coffee, rubber or cardamom plantation shall be substituted; (c) in clause (viiib), for the words in an orchard or a plantation , the words in any tea, coffee, rubber or cardamom plantation shall be substituted; (d) for clause (xxvii), the following clause shall be substituted, namely :- (xxvii) any deposits with a financial corporation which is engaged in providing long-term finance for industrial development in India or with a public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes : Provided that the corporation or, as the case may be, the company is for the time being approved by the Central Government for the purposes of clause (viii) of sub-section (1) of section 36 of the Income-tax Act; .