# The Finance Act, 1985, Section 37: Amendment of section 5

- Act: The Finance Act, 1985 (Act 32 of 1985)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1985/section/37/

## Text

Wealth-tax Amendment of section 5. 37.In section 5 of the Wealth-tax Act, 1957 (57 of 1957) (here in after referred to as the Wealth-tax Act),— (a) in sub-section (1) , with effect from the 1st day of April, 1986,— (i) the following proviso shall be added to clause (i), namely:— "Provided that nothing contained in this clause shall . apply to any property forming part of any business, not being a business referred to in clause (a) or clause (b) of sub-section (4A) of section, 11 of the Income-tax Act in respect of which separate books of account are maintained or a business carried on by an institution, fund or trust referred; to in clause (22) or clause (22A) or clause .(23B) or clause (23C) of section 10 of that Act;"; (ii) in clause (iv), the proviso shall be omitted; (b) in sub-section (1A), with effect from the 1st day of April, 1986,--- (i) for the word, brackets and figures "clauses (xv)", the word, brackets and figures "clauses (iv), (xv)" shall be substituted; (ii) for the words "two hundred and sixty-five thousand rupees", at both the places where they occur, the words "five hundred thousand rupees" shall be substituted; (iii) the second proviso [inserted by item (3) of sub-clause (ii) of clause (a) of section 34 of the Finance Act, 1984](21of1984) shall be omitted; (iv) in the third proviso [inserted by item (3) of sub-clause (ii) of clause (a) of section 34 of the Finance Act, 1984] (21 of 1984), for the . words "Provided also", the words "Provided further" shall be substituted; (c) in sub-section (3) [as amended by sub-clause (iii) of clause (a) of section 34 of the Finance Act, 1984] (21 of 1984), the brackets, figures and letter "(xxva)," shall be omitted. [Finance Act, 1985] © Copyright. Taxmann Publications Pvt. Ltd.

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