Meaning of Assets – Section 2(ea) for the purpose of Wealth Tax

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..... se or otherwise including a farm house situated within twenty-five kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include (1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employmen .....

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..... re any of the said assets is used by the assessee as stock-in-trade, such asset shall be deemed as excluded from the assets specified in this sub-clause ; (iv) yachts, boats and aircrafts (other than those used by the assessee for commercial purposes) ; (v) urban land ; (vi) cash in hand, in excess of fifty thousand rupees, of individuals and Hindu undivided families and in the case of other pe .....

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..... ment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the valuation date ; or (ii) in any area within such distance, not being more than eight kilometres from the local limits of any munici-pality or cantonment board referred to in sub-clause (i), as the Central Government may, having reg .....

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