The Wealth-Tax Act, 1957Central Act · Act 27 of 1957
[Value of assets, how to be determined.
(1) Subject to the provisions of sub-section (2), the value of any asset, other than cash, for the purposes of this Act shall be its value as on the valuation date determined in the manner laid down in Schedule III.
(2) The value of a house belonging to the assessee and exclusively used by him for residential purposes throughout the period of twelve months immediately preceding the valuation date, may, at the option of the assessee, be taken to be the value determined in the manner laid down in Schedule III as on the valuation date next following the date on which he became the owner of the house or the valuation date relevant to the assessment year commencing on the 1st day of April, 1971, whichever valuation date is later :
[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Explanation.—For the purposes of this sub-section,—
(i) where the house has been constructed by the assessee, he shall be deemed to have become the owner thereof on the date on which the construction of such house was completed ;
(ii) "house" includes a part of a house being an independent residential unit.]
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
substituted. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its substitution section 7, as amended by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965, Taxation Laws (Amendment) Act, 1972, w.e.f. 1-4-1973, Finance Act, 1976, w.e.f. 1-4-1976 and Finance (No. 2) Act, 1980, w.e.f. 1-4-1980, stood as under : '7. Value of assets, how to be determined. —(1) Subject to any r…
other. See also Circular No. 646, dated 15-3-1993. For details, see Referencer.
substituted. Prior to omission, existing proviso read as under : "Provided that where more than one house belonging to the assessee is exclusively used by him for residential purposes, the provisions of this sub-section shall apply only in respect of one of such houses which the assessee may, at his option, specify in this behalf in the return of net wealth."
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