Section 55 - Amendment of section 5 - Finance Act, 1988

Wealth-tax 55. Amendment of section 5 In section 5 of the Wealth-tax Act, 1957 (27 of 1957) [(hereinafter referred to as Wealth-tax Act, - (a) in sub-section (1), - (i) after clause (xvie) and the Explanation thereto, the following clause shall be inserted, namely :- (xvif) in the case of an individual or a Hindu undivided family, such Relief Bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf; ; (ii) for clause (xxxa), the following clause shall be substituted with effect from the 1st day of April, 1989, namely :- (xxxa) the value of one or more dwelling units (each having a plinth area of eighty square meters or less) belonging to the assessee and used solely for the purpose of residence of persons employed by the assessee in any plantation or industrial undertaking belonging to the assessee; ; (b) in sub-section (1A), with effect from the 1st day of April, 1989, - (i) in the opening paragraph, after the brackets and figures (xvi), , the brackets, figures and letter (xvie), shall be inserted; (ii) after the first proviso, the following proviso shall be inserted, namely :- Provided further that nothing contained in this sub-section shall apply to any assets referred to in clause (xvie) which are sold by a public sector company before the 1st day of June, 1988. ; (iii) in the second proviso, for the words Provided further that , the words Provided also that shall be substituted; (c) in sub-section (3), - (i) in the opening portion, after the brackets, figures and letter (xvie), , the brackets, figures and letter (xvif), shall be inserted; (ii) in clause (aa), - (1) after the word, brackets, figures and letter clause (xvie), , the words, brackets, figures and letter or Relief Bonds referred to in clause (xvif), shall be inserted. (2) after the words Bonds or debentures , the words or Relief Bonds shall be inserted.