Amendment of Act 27 of 1957

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..... y the assessee or purchased by any other person in pursuance of a contract with the assessee)" shall be substituted; (b) in the proviso, for the words, brackets and figures "items (i) to (iii)", the word, brackets and figures "item (i)" and for the words, brackets and figures "items (i) to (v)", the words, brackets and figures "items (i) to (iii)" shall be substituted; (2) in section 5, - (a) .....

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..... e premium or other payment on the policy is payable bears to ten;"; (b) in sub-section (1A), for the word, brackets and figures "clauses (xv),", the word, brackets, figures and letter "clauses (iva), (xv)," shall be substituted; (3) in the Schedule, in Paragraph A of Part I, for items (1) and (1A), the following items shall be substituted, namely :- "(1) In the case of every individual or Hin .....

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..... ed the following limit, namely :- (A) Rs. 1,00,000, in the case of an individual; (B) Rs. 2,00,000, in the case of a Hindu undivided family; (ii) the wealth-tax payable shall, in no case, exceed 10 per cent. of the amount by which the net wealth exceeds the limit specified in sub-clause (A) or, as the case may be, sub-clause (B) of clause (i) of this proviso. (1A) In the case of every Hind .....

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