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The Finance Act, 1979

( ACT NO. V OF 1979 )

Amendments of Act XV of 1963
8. The following amendments shall be made in the Wealth-tax Act, 1963 (XV of 1963), namely:-
 
 
 
 
(1) in section 2, in clause (e), sub-clause (iii) shall, be omitted;
 
 
 
 
(2) in section 5, in sub-section (1), in clause (xi), for the full stop at the end a semi-colon shall be substituted and thereafter the following new clause (xii) shall be added, namely:-
 
 
 
 
“(xii) a house owned and occupied by an assessee for the purpose of his own residence, subject to the following limits, namely:-
 
 
 
 
(a) where the value of such house does not the whole of such value; exceed Taka ten lakh,
 
 
 
 
(b) where the value of such house exceeds Taka ten lakh, ÔǪÔǪÔǪ..Taka ten lakh.”;
 
 
 
 
(3) for the Schedule the following shall be substituted, namely:-
     
 

THE SCHEDULE

(See section 3)

Rates of Wealth-tax

 
     

 

 

Rate.

1.

On the first Taka five lakh of net wealth    ..

Nil

2.

On the next Taka five lakh of net wealth    ..

½ %

3.

On the next Taka five lakh of net wealth    ..

¾ %

4.

On the next Taka five lakh of net wealth    ..

1 %

5.

On the next Taka five lakh of net wealth    ..

1¼ %

6.

On the next Taka five lakh of net wealth    ..

1 ½  %

7.

On the next Taka five lakh of net wealth    ..

2 %

8.

On the balance of net wealth                       ..

2½ %


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