Wealth tax Amendment 2012-13

Section 2 of the Wealth-tax Act, 1957

clause (ea), in sub-clause (i), in item (1)
Residential house -

A residential house is not asset, if it is meant exclusively for residential purposes  of employee who is in whole-time employment  and the gross annual salary of such employee, officer or director is less than Rs. 10,00,000 previously it was Rs.5,00,000.