# The Finance Act, 1998, Section 68: Amendment of section 5

- Act: The Finance Act, 1998
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1998/section/68/

## Text

Amendment of section 5. 68. In section 5 of the Wealth-tax Act, with effect from the 1st day of April, 1999,— (a ) in the proviso to clause (i), the words, brackets, figures and letter "clause (22) or clause ( 22A) or" shall be omitted; (b ) for clause (vi), the following clause shall be substi­tuted, namely :— "(vi) one house or part of a house or a plot of land belong­ing to an individual or a Hindu undivided family: Provided that wealth-tax shall not be payable by an assessee in respect of an asset being a plot of land comprising an area of five hundred square meters or less." © Copyright. Taxmann Publications Pvt. Ltd.

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