TMI BlogExemption from wealth-tax in respect of assets specified in declarationX X X X Extracts X X X X X X X X Extracts X X X X ..... presented by cash (including bank deposits), bullion or any other assets specified in the declaration made under section 59- (a) in respect of which the declarant has failed to furnish a return under section 14 of the Wealth-tax Act, 1957 (27 of 1957) for the assessment year commencing on or before the 1st day of April, 2015; or (b) which have not been shown in the return of net wealth furni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be taken into account in computing the net wealth of the declarant for the said assessment year or years. Explanation.- Where a declaration under section 59 is made by a firm, the assets referred to in clause (I) or, as the case may be, the amount referred to in clause (II) shall not be taken into account in computing the net wealth of any partner of the firm or, as the case may be, in determ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the return of net wealth for the said assessment year or years, then, notwithstanding anything contained in the Wealth-tax Act, 1957 or any rules made thereunder, then such asset shall not be included in his net wealth for the said assessment year or years and no wealth tax shall be payable by the declarant in respect of such assets. It further provides that where the value of the asset has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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