TMI BlogComputation of net wealthX X X X Extracts X X X X X X X X Extracts X X X X ..... all the specified assets, wherever located, belonging to the person referred to in this section, computed in accordance with the provisions of sub-section (5); B = the aggregate of the value on the valuation date, of all the debts, owed by the person, which have been incurred in relation to the specified assets. (2) The specified assets referred to in sub-section (1) shall be t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... collections, drawings, paintings, sculptures or any other work of art; (g) watch having value in excess of fifty thousand rupees; (h) cash in hand, in excess of two lakh rupees, of individuals and Hindu undivided families; (i) deposit in a bank located outside India, in case of individuals and Hindu undivided families, and in the case of other persons any such deposit n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation Concessions) Order, 1950; (b) jewellery in the possession of any Ruler, not being his personal property, which has been recognised as his heirloom-— (i) by the Central Government before the commencement of the Wealth-tax Act, 1957, as it stood before the commencement of this Code; or (ii) by the Board at the time of his first assessment to wealth-tax under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... minimum period of three hundred days in the financial year; (e) any house in the nature of commercial establishments or complexes. (5) The value of any specified asset, other than cash, referred to in sub-section (2), shall be determined in such manner as may be prescribed. (6) In this Chapter, "valuation date" means the 31st day of March in the financial year. - - statute, s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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