Section 38 - Amendment of section 7 - Finance (No. 2) Act, 1980

38. Amendment of section 7 In section 7 of the Wealth-tax Act, in sub-section (1), the following Explanation shall be inserted, namely :- Explanation : For the removal of doubts, it is hereby declared that the price or other consideration for which any property may be acquired by or transferred to any person under the terms of a deed of trust or through or under any restrictive covenant in any instrument of transfer shall be ignored for the purpose of determining the price such property would fetch if sold in the open market on the valuation date. .