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Nonchargeable Assets Of Wealth Tax In India

1. Personal effects such as wearing apparel, furnitur, air conditioners, refrigerators, motors cars, etc., held for personal use by the assessee or dependent family members are not considered for wealth tax.
2. Ornaments made of gold, silver, platinum or other precious metals or alloys, whether or not containing any precious or semiprecious stone and whether or not worked or sewn or set into wearing apparel, furniture, utensile or other articles are not considered as personal effects.
3. A house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than five lakh rupees.
4. Any house for residential or commercial purposes which forms part of stock-in-trade.
5. Any house which the assessee may occupy for the purposes of any business or profession carried on by him.
6. Any residential property that has been let-out for a minimum period of three hundred days in the previous year.
7. Any property in the nature of commercial establishments or complexes.
8. Motor cars used by the assessee in the business of running them on hire or as stock in trade.
9. Yachts, boats and aircrafts used by the assessee for commercial purpose.
10. Urban Land will not be chargeable to tax. if .....
    1. Construction of building is not permissible.
    2. Construction of building is made with approval of appropriate authority.
    3. Unused land held for industrial purpose for two years.
    4. Stock in trade.