Section 54 - Amendment of section 5 - Taxation Laws (Amendment) Act, 1984

54. Amendment of section 5. In section 5 of the Wealth-tax Act,- (a) in sub-section (1), (i) after clause (xxviia) [directed to be inserted by item (3) of sub-clause (i) of clause (a) of section 34 of the Finance Act, 1984 (21 of 1984)], the following clause shall be inserted, namely: (xxviib) any deposits with any authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villager or for both; ; (ii) in clause (xxxiii), after the words being a person of Indian origin , the Words and brackets or a citizen of India (hereafter in this clause referred to as such person) shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1977; (b) in sub-section (1A), after the brackets, figures and letter (xxviia), , the bracket-, figures and letter (xxviib) shall be inserted; (c) in sub-section (3), (i) after the brackets, figures and letter (xxviia), , the brackets, figures and letter (xxviib) shall be inserted; (ii) in the Explanation, for the words thirty days , the words sixty days shall be substituted.