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 ..... assessee, where the construction 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "and clause (xxxii)", the words, brackets and figures "clause (xxxii) and clause (xxxiv)" shall be substituted with effect 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 year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds "the valuation date" the words, brackets and figure "the valuation date, or, in the case of an asset being a house referred to in sub-section (4), the valuation date referred 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very individual or Hindu undivided family, not being a Hindu undivided family to which item (2) of this Paragraph applies, - Rates of Tax (a) where the net wealth does not exceed Rs. 5,00,000 1/2 per cent. of the net wealth; (b) where the net wealth exceeds Rs. 5,00,000 but does 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Equipment for transmission and distribution of electricity; electrical motors; electrical furnaces; X-ray equipment; and electronic components and equipment. 5. Mechanised sailing vessels up to 1000 DWT; ship ancillaries; and commercial vehicles. 6. Industrial machinery. 7. Machine tools. 8. Agricultural machinery, being 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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