# The Finance Act, 1980, Section 37: Amendment of section 5

- Act: The Finance Act, 1980 (Act 44 of 1980)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1980/section/37/

## Text

Amendment of section 5 37. In section 5 of the Wealth-tax Act, in sub-section (1), with effect from the 1st day of April, 1981 — (a) for clause (iva), the following clause shall be substituted, namely: — (iva) agricultural land comprised in any tea, coffee, rubber or cardamom plantation belonging to the assessee;"; (b) in clause (ivb), for the words "agricultural land", the words "agricultural landJ'eomprised in any tea, coffee, rubber or cardamom plantation'' shall be substituted; (c) in clause (viiib), for the words "in an orchard or a plantation", the words "in any tea, coffee, rubber or cardamom plantation" shall be substituted; (d) for clause (xxvii), the following clause shall be substituted, namely: — " (xxvii) any deposits with a financial corporation which is engaged in providing long-term finance for industrial develop-ment in India or with a public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes: Provided that the corporation or, as the case may be, the company is for the time being approved by the Central Government for the purposes of clause (viii) of sub-section (1) of section 36 of the Income-tax Act;". [Finance (No. 2) Act, 1980] © Copyright. Taxmann Publications Pvt. Ltd.

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