Section 68 - Amendment of section 5 - Finance (No. 2) Act, 1998

68. Amendment of section 5. In section 5 of the Wealth-tax Act, with effect from the 1st day of April, 1999,- (a) in the proviso to clause (i), the words, brackets, figures and letter clause (22) or clause (22A) or shall be omitted; (b) for clause (v), the following clause shall be substituted, namely:- (v) one house or part of a house or a plot of land belonging to an individual or a Hindu undivided family: Provided that wealth-tax shall not be payable by an assessee in respect of an asset being a plot of land comprising an area of five hundred square meters or less. .