Wealth tax - married individual in Goa, Daman and Diu, who is governed by the system of community of property and who has not entered into an antenuptial agreement of the nature referred to therein - Income Tax - 897/CBDT

INSTRUCTION NO. 897/CBDT Dated : November 19, 1975 Section(s) Referred: 5 Statute: Wealth Tax Act, 1957 Attention is invited to the Board's letter No. 1/36/68-ED dated the 12th December, 1969, wherein it was stated that a married individual in Goa, Daman and Diu, who is governed by the system of community of property and who has not entered into an antenuptial agreement of the nature referred to therein, should be assessed separately in respect of his or her share of the property for the purpose of Wealth-tax. The Board are further advised that the exemptions u/s 5 of the Wealth-tax are admissible to each one of the spouses as individuals. 2. The instructions may be brought to the notice of the officers working in your charge.