{"act":{"id":"finance-act-1975","short_title":"The Finance Act, 1975","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1975-1976.","act_number":"25","act_year":1975,"enact_date":"1975-05-09","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":31,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1975/"},"unit":"section","section":{"number":"26","heading":"Amendment of section 4","text":"Amendment of section 4 26. In section 4 of the Wealth-tax Act, for sub-section (3), the following sub-section shall be substituted, namely:— \" (3) Where the value of any assets is to be included in the net wealth of an assessee in accordance with clause (a) of sub-section (1) ,--- (a)  there shall be deducted from such value any debts owing on the valuation date by the transferee mentioned in that'clause in so far as such debts are referable to such assets; and (b) the provisions of section 5 shall apply in relation to such assets as if such assets were assets belonging to the assessee.\". [Finance Act, 1975] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 4</b></p><p><b>26.</b> In section 4 of the Wealth-tax Act, for sub-section (<i>3</i>), the following sub-section shall be substituted, namely:—</p><p>\" (<i>3</i>) Where the value of any assets is to be included in the net wealth of an assessee in accordance with clause (<i>a</i>) of sub-section (<i>1) ,---</i></p><p>(<i>a) </i> there shall be deducted from such value any debts owing on the valuation date by the transferee mentioned in that'clause in so far as such debts are referable to such assets; and</p><p>(<i>b</i>) the provisions of section 5 shall apply in relation to such assets as if such assets were assets belonging to the assessee.\".</p><p>[Finance Act, 1975]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":115,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1975/section/26/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}