# The Finance Act, 1971, Section 34: Amendment of section 21

- Act: The Finance Act, 1971 (Act 32 of 1971)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1971/section/34/

## Text

Amendment of section 21. 34. In section 21 of the Wealth-tax Act, in sub-section  (4), with effect from the 1st day of April, 1972,— (a) in clause (a) and in the proviso, the words "in the case of an individual" shall be omitted; (b) the following Explanation shall be inserted at the end, namely: — "Explanation.—Notwithstanding anything contained in section 5, in computing the net wealth for the purposes of this sub-section in any case, not being a case referred to in the proviso, any assets referred to in clauses (xv), (xvi), (xxii), (xxiii), (xxiv), (xxv),  (xxvi), (xxvii), (xxviii) and (xxix) of sub-section (1) of that section shall not be excluded.". [Finance (No. 2) Act, 1971] © Copyright. Taxmann Publications Pvt. Ltd.

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