Exemptions in respect of certain assets :
[[***] Wealth-tax shall not be payable by an assessee in respect of the following assets], and such assets shall not be included in the net wealth of the assessee—
Section – 5. 1[[***] Wealth-tax shall not be payable by an assessee in respect of the following assets], and such assets shall not be included in the net wealth of the assessee—
(i) | that the jewellery shall be permanently kept in India and shall not be removed outside India except for a purpose and period approved by the Board ; | |
(ii) | that reasonable steps shall be taken for keeping the jewellery substantially in its original shape ; | |
(iii) | that reasonable facilities shall be allowed to any officer of Government authorised by the Board in this behalf to examine the jewellery as and when necessary ; and | |
(iv) | that if any of the conditions hereinbefore specified is not being duly fulfilled, the Board may, for reasons to be recorded in writing, withdraw the recognition retrospectively with effect from the date of commencement of clause (b) of section 5 of the Rulers of Indian States (Abolition of Privileges) Act, 1972, and in such a case, wealth-tax shall become payable by the Ruler for all the assessment years after such commencement for which the jewellery was exempted on account of the recognition. | |
Explanation.—For the purposes of clause (iv) of the foregoing proviso, the fair market value of any jewellery on the date of the withdrawal of the recognition in respect thereof shall be deemed to be the fair market value of such jewellery on each successive valuation date relevant for the assessment years referred to in the said proviso : |
(1A) 20[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
(2) 21[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]