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Section68
The Finance Act, 1998

Amendment of section 5

In force As on 17 Oct 2026

Ministry Finance

Section 68 of the Finance Act, 1998 deals with amendment of section 5. 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;

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."

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Section 68, The Finance Act, 1998.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 5 Amendment of section 10
  2. Wealth-tax Act s. 5 Exemptions in respect of certain assets

Questions about Section 68

What does Section 68 of the Finance Act deal with?

Section 68 of the Finance Act is headed "Amendment of section 5". 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;

How do I find court cases under Section 68 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1998 68, section 68 Finance Act 1998, section 68 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 68 of the Finance Act, and has it changed?

Its own text turns on section 5 (Amendment of section 10), Wealth-tax Act 5 (Exemptions in respect of certain assets), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1998. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.