9911796707
TMI BlogAmendment of Act 27 of 1957X X X X Extracts X X X X X X X X Extracts X X X X ..... struction of such dwelling unit or units is begun on or after the 1st day of April, 1976 : Provided that this exemption shall apply in respect of any dwelling unit or units and the land appurtenant thereto only for a period of five successive assessment years next following the date on which the construction of such dwelling unit or units is completed. Explanation : For the purposes of this clause, - (a) dwelling unit means a unit of accommodation used solely for the purpose of residence; (b) land appurtenant , in relation to any dwelling unit or units comprising a building, means, - (i) in an area where there is any law in force providing for the minimum extent of land contiguous to the land occupied by any building to be kept as open spac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the 1st day of April, 1977; (e) after clause (xxxii), the following clauses shall be inserted with effect from the 1st day of April, 1977, namely :- (xxxiii) in the case of an assessee, being a person of Indian origin who was ordinarily residing in foreign country and who, on leaving such country, has returned to India with the intention of permanently residing therein, moneys and the value of assets brought by him into India and the value of the assets acquired by him out of such moneys : Provided that this exemption shall apply only for a period of seven successive assessment years commencing with the assessment year next following the date on which such person returned to India. Explanation : A person shall be deemed to be of India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred to in that sub-section shall be substituted; (b) after sub-section (3), the following sub-section shall be inserted, namely :- (4) Notwithstanding anything contained in sub-section (1), the value of a house belonging to the assessee and exclusively used by him for residential purposes throughout the period of twelve months immediately preceding the valuation date may, at the option of the assessee, be taken to be the price which, in the opinion of the Wealth-tax Officer, it would fetch if sold in the open market on the valuation date next following the date on which he become the owner of the house, or on the valuation dated relevant to the assessment year commencing on the 1st day of April, 1971, whichever valuation date is later : P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not exceed Rs. 10,00,000 Rs. 2,500 plus 1 1/2 per cent. of the amount by which the net wealth exceeds Rs. 5,00,000; (c) where the net wealth exceeds Rs. 10,00,000 but does not exceeds Rs. 15,00,000 Rs. 10,000 plus 2 per cent. of the amount by which the net wealth exceeds Rs. 10,00,000; (d) where the net wealth exceeds Rs. 15,00,000 Rs. 20,000 plus 2 1/2 per cent. of the amount by which the net wealth exceeds Rs. 15,00,000 : Provided that for the purposes of this item, - (i) no wealth-tax shall be payable where the net wealth does not exceeds Rs. 1,00,000; (ii) the wealth-tax payable shall, in no case, exceed 5 per cent. of the amount by which the net wealth exceeds Rs. 1,00,000. (2) In the case of every Hindu undivided family which has at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tractors or power tillers. 9. Earth-moving machinery. 10. Industrial instruments, being indicating, recording and regulating devices for pressure, temperature, rate of flow, weights, levels and the like. 11. Scientific instruments. 12. Nitrogenous and phosphatic fertilisers falling under (1) Inorganic fertilisers mentioned under the heading 18. Fertilisers in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951). 13. Chemicals (other than fertilisers), namely :- (1) Inorganic heavy chemicals. (2) Organic heavy chemicals. (3) Fine chemicals including photographic chemicals. (4) Synthetic resins and plastics. (5) Synthetic rubbers. (6) Man-made fibres. (7) Industrial explosives. (8) Insecticides, fungicides, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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