Wealth Tax-Scope of Sec.5(1)(viii). - Income Tax - 1329/CBDT

INSTRUCTION NO. 1329/CBDT Dated: April 7, 1980 The board have had occasion to examine in consultation with the Ministry of law the question whether fans, refrigerators, air-conditions, geysers and desert coolers etc. are exempt u/s.5(1)(viii) of the W.T. Act. 2. The board is advised that whether or not a particular item is covered by this exemption clause depends on the solitary test whether it is an article intended for personal or household use of the assessee unless it is specifically excluded such as jewellery cars valued at more than Rs.30,000 or gold silver Ornaments. The test of moveability or fixedness is not relevant at all. In the light of this test, fans, refrigerators, air-conditioners, geysers and desert coolers and even other fixtures which may not necessarily be moved from place to place and room to room by hand come within the ambit of section 5(1)(viii) of the W.T. Act 1957 and are exempt.