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14/08/2022
Laws of Bangladesh

The Finance Act, 1981

( ACT NO. XI OF 1981 )

Amendments of Act XV of 1963
10. The following amendments shall be made in the Wealth-Tax Act, 1963 (XV of 1963), namely:-
 
 
 
 
(1) in section 5, in sub-section (1), for clause (xii) the following shall be substituted, namely:-
 
 
 
 
“(xii) agricultural land, subject to a maximum of Taka one lakh in value;
 
 
 
 
(xiii) 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 exceed Taka ten lakh, the whole of such value;
 
 
 
 
(b) where the value of such house exceeds Taka ten lakh, Taka fifteen lakh.
 
 
(xiv) Unit Certificates issued by the Investment Corporation of Bangladesh up to the value of Taka two lakh.”; and
 
 
 
 
(2) for the Schedule the following shall be substituted, namely:-

THE SCHEDULE

 

(See section 3 )

 

Rates of Gift Tax

Rate.

1.

On the first Taka ten lakh of net wealth  ..  ..

Nil.

2.

On the next Taka ten lakh of net wealth    ..

½ %

3.

On the next Taka fifteen lakh of net wealth    ..

1%

4.

On the next Taka fifteen lakh of net wealth    ..

1 ½ %

5. On the balance of net wealth    ..   .. 2%:
     

Provided that where for any year wealth tax is payable along with income-tax by an assessee whose taxable income exceeds Taka 1,50,000 and the aggregate of income-tax and wealth-tax exceeds 60 per cent of the total income, the amount of wealth-tax payable shall be reduced by the amount by which the said aggregate exceeds 60 per cent of the total income.”.


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