# The Finance Act, 1996, Section 57: Amendment of section 4

- Act: The Finance Act, 1996 (Act 33 of 1996)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1996/section/57/

## Text

Amendment of section 4. 57. In section 4 of the Wealth-tax Act, with effect from the 1st day of April, 1997 for sub-section (7), the following sub-sections shall be substituted, namely:— "(7) Where the assessee is a member of a co-operative society, company or other association of persons and a building or part there of is alloted or leased to him under a house building scheme of the society company or association, as the case may be, the assessee shall, notwithstanding anything contained in this Act or any other law for the time being in force, be deemed to be the owner of such building or part and the value of such building or part shall be included in computing the net wealth of the assessee; and, in determining the value of such building or part, the value of any outstanding instalments of the amount payable under such scheme by the assessee to the society, company or association towards the cost of such building or part and the land appurtenant thereto shall, whether the amount so payable is described as such or in any other manner in such scheme, be deducted as a debt owed by him in relation to such building or part. (8) A person— (a) who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882); (b) who acquires any rights (excluding any rights by way of a lease from month to month or for a period not exceeding one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269UA of the Income-tax Act, shall be deemed to be the owner of that building or part thereof and the value of such building or part shall be included in computing the net wealth of such person'. [Finance (No. 2) Act, 1996] © Copyright. Taxmann Publications Pvt. Ltd.

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