FORM A

RETURN OF NET WEALTH

WEALTH-TAX ACT, 1957 Receipt No

[For individuals/Hindu Date
undivided families/companies] (Please read the attached Notes carefully
before filling this form).

[SEE RULE 3(1)(b)]

ORIGINAL/REVISED U/S 16(4)(I)/17 ASSESSMENT YEAR

19 -

VALUATION DATE

3 1 - 3 19

IF REVISED, RECEIPT NO. AND DATE OF FILING OF ORIGINAL PAN/GIR.NO

RETURN

- 19

STATUS

RECIDENTIAL STATUS WARD/ CIRCLA/RANGE

NAME (SURNAME FIRST)IN BLOCK LETTERS)

RESIDENTIAL ADDRESS (IN BLOCK LETTERS)

TELEPHON PIN

OFFICE ADDRESS (IN BLOCK LETTERS)

TELEPHON PIN

Please indicate :

(a Are you a citizen of India? Yes/No

)
( Is this your first wealth –tax assessment? Yes/No
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( Have you claimed any Double Taxation Relief?
h (a) Under agreement with foreign countries Yes/No
) (b) In respect of country with which no agreement exists? Yes/No
NAME OF THE COUNTRY

PART I
COMPUTAION OF NET WEALTH INCLUDING NET WEALTH OF OHTER PERSONS INCLUDIBLE IN
ASSESSEE’S NET WEALTH ON VALUATION DATE

A. IMMOVABLE PROPERTY

1. Description and situation Value as per Schedule

III
(a) (a)
Rs.

Rs.

Rs.
Rs.

Rs.

2. Total of amount at 1(b) above Rs.

3. Less : Exemption

Description Amount
 Rs.

Rs.

Rs.

Rs.
4. Total of 3 above Rs.
5. Aggregate value of immovable property held as
assets other than in business or profession (2-4) Rs.
Held as asset of a business or profession
6. Description and situation Value as per Schedule
III
(a) (a)
Rs.

Rs.

Rs.

Rs.
7. Total of amount at 6(b) above

8. Less : Exemption

Description Amount

Rs.

Rs.

Rs.

9. Total of 8 above Rs.

10. Aggregate value of immovable property held as assets of a business or Rs.
profession (7-9)
11. Aggregate value of immovable property (5+10) Rs.

12.

B. MOVABLE PROPERTY
Held as assets other than in business or profession
1. Description Amount as on valuation date

(i) Cash in hand Rs. Rs.

(ii) Loans and advances (Please specify)

Rs.

Rs.

Rs.
 Rs.
Rs.
Rs.
Rs.

Rs.

Rs. Total Rs.

(iii) Cash A/c No. Nature of

at bank (Name A/c
of
Bank/Branch)
Rs.
Rs.

Rs.
Rs. Total Rs.

(iv) Precio Weight Value as per

us metals Schedule III
Gross Net
(a) Gold Rs. .
(b) Silver Rs. .
(c) Platinum Rs. .
(d) Other Rs. Total Rs.

(v) Jewellery
(a) Gold
Ornaments Rs.
(b) Silver
Ornaments Rs.
(c) Ornament
made by
platinum or
any other
precious
metal or
nay alloy
thereof Rs.
(d) Precious or
semi-
precious
stones Rs. Total Rs.
Grand total of totals of item s (i) to (v) Rs. Rs.
(vi) Debentures
Name of Face value per unit Total units held Value as per Schedule III
the
company
Quoted Rs. Rs..
Rs. Rs.
Unquoted Rs. Rs.
Rs. Rs. TotalRs.

(vii)Preference shares
Quoted Rs. Rs.
Rs. Rs.
Unquoted Rs. Rs.
Rs. Rs. TotalRs.

(viii) Quoted equity shares

Rs. Rs.
Rs. Rs.
Rs. Rs.
Rs. Rs.
Rs. Rs. Total Rs.

(ix) Unquoted equity shares

Rs. Rs.
Rs. Rs.
Rs. Rs.
Rs. Rs.
Rs. Rs. Total Rs.

(x) Others (Please specify)

Rs.
Rs.
Rs.
Rs. Total Rs.

1. Total value of movable property held as

assets other than in business or profession
[i.e. Grand total of totals of items 1(i) to 1(x)]
2. Held as assets of business or profession
Description of property Value as per Schedule III
(a) (b)
Rs.
Rs.
Rs.
Rs.
Rs.
Rs.
Rs.
Rs.
4. Total of amount at 3(b) above
5. Total of amount at 2 and 4 above
6. Less : Exemptions
Description Amount
Rs.
Rs.
Rs.
Rs.
 Rs.

7. Total of 6 above Rs.

8. Aggregate value of movable property (5-7) Rs.

C. INTEREST HELD IN THE ASSETS OF A FIRM OR ASSOCIATION OF PERSONS (AOP) AS A PARTNER OR

MEMBER THEREOF :
1. (a) Firm
Name and address
Rs.
Rs.
Rs.
Total Rs.

(b) A
O
P

Rs.
Rs.
Rs.
Total Rs.

2. Total of 1(a) and 1(b) above3 above Rs.

3. Less : Exemptions
Description Amount
Rs.
Rs.
Rs.
Rs. Rs.

4. Total of 3 above Rs.

5. Aggregate value of interest held in the assets of firm or AOP as a Total Rs.
partner or member thereof (2-4)

D. DEBTS OWNED BY THE ASSESSEE

Relating TO business or profession carried on by him
1. Description of debt If secured on or Gross amount Amount not Net amount
incurred in deductible, if deductible
relation to any any, in
property, computation of
specify the net wealth
property
(a) (b) (c) (d) (e)
Rs. Rs. Rs.
Rs. Rs. Rs.
Rs. Rs. Rs.
Rs. Rs. Rs.
2. Total of amounts at 1(e) above Rs.
Debts other than those relating to business or profession carried on by him.
3. Description of debt If secured on or Gross amount Amount not Net amount
incurred in deductible, if deductible
relation to any any, in
property, computation of
specify the net wealth
property
(a) (b) (c) (d) (e)
Rs. Rs. Rs.
Rs. Rs. Rs.
Rs. Rs. Rs.
Rs. Rs. Rs.
4. Total of amounts at 3(e) above Rs.
5. Aggregate value of debts (2+4) Total Rs.

E. STATEMENT OF NOTIFIED ASSETS ON WHICH TH-TAX IS NOT PAYABLE BUT WHICH ARE TO BE
INCLUDED IN NET WEALTH UNDER SECTION 5(2) AND HAVE BEEN SO INCLUDED IN THE ASSETS
SHOWN IN SUB-PARTS B & C ABOVE
1. Description of assets No. and date of Central Government Value
notification granting exemption from
tax
Dep Rs.
osits
with
Cen
tral
Gov
ern
men
t
Deposits with State Governments Rs.
Sec Rs.
uriti
es
of
Cen
tral
Gov
ern
men
t
Sec Rs.
uriti
es
of
Stat
e
Gov
ern
men
ts
 Sec Rs.
uriti
es
of
loca
l
auth
oriti
es
2. Total of 1 above Rs.
3. Interest held as a partner or member in the value of assets of the above nature included Rs.
in the net wealth of a firm or AOP
4. Total (2+3) Rs.
F. STATEMENTS OF NET WEALTH LOCATED OUTSIDE INDIA AND INCLUDED IN THE NET WEALTH I.E.
IN THE ASSETS SHOWN IN SUB-PARTS A, B, & C AND IN THE DEBTS SHOWN IN SUB-PART D ABOVE
1. Total value of immovable property by
held as assets other than in business or
profession Rs.
2. Total value of immovable property held
as assets of business or profession Rs.
3. Total value (1+2) Rs.
4. Less: Total value of exemptions Rs.
5. Aggregate value of immovable property
(3-4) Rs.
6. Total value of movable property held as
assets other than in business or profession
Rs.
7. Total value of movable property held as
assets of business or profession Rs.
8. Total value (6+7) Rs.
9. Less: Total value of exemptions Rs.
10. Aggregate value of movable property (8- Rs.
9)
11. Total value of interest held in a firm or
AOP as a partner or member thereof Rs.
12. Less: Total value of of exemptions
13. Agg
rega
te Rs.
valu
e of
inter
est
held
in a
firm
or
AO
P as
a
part
ner
or
me
mbe
r
ther
eof
(11-
12)
14. Aggregate value of assets located outside
India (5+10+13) Rs.
15. Less Rs.
:
Deb
ts
loca
ted
outs
ide
Indi
a
16. Total value of net wealth located outside
India (14-15) Rs.
G. STATEMENT OF NET WEALTH
1. A. Aggregate value of immovable property [Item No. A.II] Rs.
B. Aggregate value of immovable property [Item No. B.2] Rs.
C. Aggregate value of interest held in a firm or AOP as partner or
member there of (Item C.5) Rs.
2. Aggregate value of assets (A+B+C) Rs.
3. Less: Aggregate value of debts (Item D.5) Rs.
4. Net wealth (2-3) Rs.
5. Net wealth (as rounded off to the nearest multiple of hundred rupees)
(in words) Rs.
6. Amount of net wealth included in 2 above being net wealth of any other person Rs.
7. Name and relationship of such
person

PART II
STATEMENT OF TAXES
1. Tax on net wealth Rs.
2. Add Rs.
:
Inte
rest
on
late
filli
ng
of
retu
rn
3. Total tax and interest payable (i.e. 1+2) Rs.

4. Less : Tax and interest, if any, paid on self- Tax Rs. Interest Rs. Total Rs.
assessment [Attach challan(s)]

Date of payment
- 19
Name of the Bank/Branch

5. Tax/interest payable or refund due (3-4) Rs.

PART III
INFORMATION WHERE ASSESSEE IS A PARTNER OR MEMBER OF A FIRM/AOP

Sl No. Name(s) of other Share of profit Ratio Value of interest in the

partners/Members assets of the concern
(a) (b) (c) (d)
Firm
AOP

PART IV
LIST OF DOUMENTS/STATEMENTS ATTACHED

(a) (d)
(b) (e)
(c) (f)

Verification

I, Son/Daughter/Wife of Shri
[Name in block letters] [Name of father/husband]*
Solemnly declare that to the best of my knowledge and belief, the information given in this return and the annexures
and statements accompanying it is correct and complete, that the amount of net wealth and other particulars shown
are truly stated and related to the valuation date relevant to the assessment year commencing on 1 st April, 19
I further solemnly declare that
*I
the person for and on whose behalf this return is furnished the person in respect of whose net wealth I am
*me either in * my
assessable had no other asset belonging to the said person the said person’s in computing *
my net wealth on the said valuation date.
The said person’s
I further declare that I am competent to make this return and verify it.
Date
Place: Signature

Important:
Before signing the verification, the signatory should satisfy himself that this return is correct and complete in every
respect. Any person making a false statement in this return shall be liable to prosecution under section 35D of the
Wealth-tax Act, 1957 and on conviction be punishable:-
(i) In a case where the tax sought to be evaded exceeds one lakh rupees, with rigorous imprisonment
for term which shall not be less than six months but which may extend to seven years and with
fine:
(ii) In any other case, with rigorous imprisonment for a term which shall not be less than three months
but which may extend to three years and with fine.
 Strike out whichever is not applicable.

NOTES ON FORM NO. A

(TO BE DETACHED AND RETAINED BY THE ASSESSEE)
[Wealth-tax Act, 19571Rule 3(])(a)l
General
I Form A is for Individuals and Hindu undivided families only.
II All Parts and columns must be filled in the manner provided hereunder.
If any part or column does not apply, please mention NA (Not Applicable)
and do not put any mark or symbol.
III The numbers (given in Arabic, e.g., 1, 2, 3) in these notes under each
page refer to the corresponding item numbers on the respective pages of
the Return of net wealth.
IV In case space provided under any item of Part I of the Return Form is
found insufficient, then give computation in respect of such item on
separate sheet(s) using the columns indicated for that purpose under the
said item in the Return Form and attach that to the Return. The sum
totals of such computation done should be indicated in the columns
provided under the relevant item in the Return Form. Similarly, any
other information asked for in this Form, which cannot be completely
furnished on account of paucity of space, may be furnished on a separate
sheet
V References to sections and Schedules in these notes are references to
sections and Schedules of the Wealth-tax Act, 1957 and references to
rules are references to the rules of the Wealth-tax Rules, 1957.
VI Value of an asset for an assessment year is to be DECLARED AS ON THE
RELEVANT VALUATION DATE. Valuation date in relation to an assessment
year under the Wealth-tax Act, 1957 means the last day of the previous
year as defined in section 3 of the Income-tax Act, 1961. Assessment
year means a period of twelve months commencing on 1st April every year,
immediately following the said valuation date. Thus, for the assessment
year 1991-92, the valuation date will be 31-3-1991, while for the
assessment year 1992-93, the valuation date will be 31-3-1992.
VII Value of an asset, other than cash is to be determined on the basis of
the rules of Schedule III. THE DETAILS OF CALCULATION OF THE VALUE OF
EACH ASSET UNDER THE RELEVANT RULE OF TI4IS SCHEDULE SHOULD BE ATTACHED
WITH THE RETURN.ALSO, WHEREVER ANY RULE OF THE SCHEDULE PRESCRIBES THAT
A PARTICULAR DOCUMENT IN SUPPORT OF THE VALUATION IS TO BE ATTACHED WITH
THE RETURN, THE SAME MUST BE SO ATTACHED.
VIII All attachments must be signed by the assessee.
Page 2.42
1 Strike out whichever is not applicable. If it is a return for assessment
year 1991-92 filed for the first time then it is an Original Return. To
indicate this, leave 'Original' as it is and strike out the rest, e-g.
ORIGINAL/revised u/s 16(4)(i)/17.
2 Indicate the assessment year for which the return is filed.
3 Indicate the relevant valuation date here.
4 If this is a revised return, first give the receipt number and then the
date of original return.
Example: If the original return is filed on 15-6-199 1', for which the
Department had issued receipt No. 42 10, it should be indicated in the boxes
as:
4 2 1 0 - 1 5 - 0 6 - 1 9 9 1

5 The Permanent Account Number (PAN) given to the taxpayer under the
Income -tax Act, 1961 and Ward/Circle/Range are to be quoted here. If
PAN is not allotted/ obtained, indicate the GIR number, if any. If
neither is given, write NOT ALLOT-TED in the first row of boxes and
mention Wealth-tax Ward/Circle/Range where assessed or assessable in the
lower row of boxes after ascertaining the same from the Public Relation
Officer or the Income-tax Officer or at the Receipt Counter.
6 For indicating the status, please use following codes
Individual 01
Hindu undivided family 02
Example:If it is the case of an individual, the correct code will be 01.
7 Please use one of the following codes to indicate the residential
status:
Resident 01
Non-resident 02
Resident but not ordinarily resident 03
Relevant provisions are in section 6 of the Income-tax Act, 1961,
8 Write the name using block letters. Surname should be given first. Leave
one box blank after each limb.
Example: Gupta Gauri Shankar.
G U P T A G A U A R I S H A N K A R

5 & Give complete residential and office addresses along with Telephone
Number, if
6 any and Pin Code.
7 Strike out whichever is not applicable. If answer to (a) is in
affirmative, give relevant information in the space provided thereunder.

PARTI
Page 2.44
A.Immovable property.
I Furnish in the given columns the details of all immovable
properties held by the assessee, including agricultural land,
whether located in or outside India, and whether assessable or
exempt under section 5.
II Details of similar assets belonging to any other person but
includible in net wealth of the assessee should be given here.
Such assets are:
i Assets transferred to certain relatives or to other persons
for the benefit of those relatives or assets transferred
under revocable transfer [section 4(1)(a)].
 ii Interest of a minor child admitted to the benefits of
partnership in a firm [section 4(1)(b)].
iii Individual property of assessee converted into the property
of Hindu undivided- family after 31-12-1969 [section 4(1A)].
(iv) Moneys gifted by means of book entries [section 4(5A)]
I If the assessee is a member of a co-operative housing society, the
value of any building or flat allotted or leased should also be
included in this sub-part of the Return.
II Each item of immovable property should be listed separately one
below the other. If immovable property consists of any right in
land or building, the nature of the right and the extent thereof
should he clearly stated.
III Value of immovable property should be declared as per rules 1 to
8, 20 and 21 of Schedule III Where the assets are held as assets
of business for which accounts are maintained regularly the
valuation should be done as per rule 14 of this Schedule.

Held as assets other than in business or profession

1. (a) The description and situation of the immovable property should be
such as to enable the property and its boundaries to be clearly
identified.
(b)Indicate here value of the immovable property as calculated on the
basis of provisions of the relevant rule of Schedule III.
1 Indicate here the aggregate sum of amounts mentioned in 1(b),
2 Give here the description of the immovable properties shown at item 1
but exempt under various clauses of section 5(1). These are :-
i Any property held under a trust or other legal obligation for any
public purpose of a charitable or a religious nature in India.
The exemption is not available in respect of any property forming
part of any business carried on by such trust. This prohibition
is, however, subject to certain exceptions mentioned therein-
clause (i).
ii Interest in the coparcenary property of a Hindu undivided family
as member thereof-clause (ii).
iii One building, which is recognised as the official residence of any
ex-Ruler of an erstwhile Indian State which is in his occupation-
clause (iii).
iv One house or part of a house belonging to the assessee-clause
(iv).
v This exemption and exemptions in respect of certain movable assets
mentioned in section 5(IA) are subject to an overall ceiling of
rupees five lakhs.
vi Small dwelling units (plinth area not exceeding 80 sq. metres)
belonging to the assessee and constructed after 1-4-1976, and land
appurtenant thereto. This exemption is available only for five
assessments years counted from the date of completion of
construction-clause (ivc).
vii Small dwelling units (plinth area not exceeding 80 sq. metres)
belonging to the assessee and used for the purposes of residences
of employees of the assessee in any plantation or industrial
undertaking belonging to assessee-clause(xxxa)
Further, under the provisions of section 2(e), agricultural land is not an
asset for the purposes of the Wealth-tax Act. However, after showing it at
item 1, it should be excluded by claiming it as exempt here.
Also, under the provisions of section 6, in the case of an individual who is
not a citizen of India or of an individual or Hindu undivided family not
resident in India or resident but not ordinarily resident in India, the value
of assets located outside India, is not to be included in his net wealth.
Therefore, after showing such assets, if any, at item 1 above, these should be
claimed as exempt here.
1 The sum total of exemptions claimed at 3 should be indicated here.
2 Indicate here the balance (i.e., 2-4).
Held as assets of business or profession.
3 Give in the columns indicated here the following details of immovable
properties held as assets of business or profession carried on by the
assessee as proprietor:-
a The description and situation of the property should be such as to
enable the property and its boundaries to be clearly identified.
b Indicate here the value of the property qs calculated on the basis
of the provisions of the relevant rule of Schedule III
A copy of the balance sheet or trial balance as on the valuation date and a
copy of the auditor's report, if any, must be attached.

As indicated earlier, where the assets are held as assets of business for
which accounts are maintained regularly, rule 14 of Schedule III will apply
for purposes of valuation. However, details and value of assets falling under
rule 14(2)(a)(iii) of this Schedule in respect of which wealth-tax is not
payable under this Act, should first be shown here and then claimed as exempt
at item No. 8 of this sub-Part.
1 Indicate here the aggregate sum of amounts mentioned at 6(b).
2 Give here the description of immovable properties shown at item No. 6
but excluded under section 2(e) and exempt under sections 5(1) and 6.
The exemptions available are the same as mentioned at item 3 above.

IMPORTANT NOTE.
Please ensure that the claim of exemption in respect of a house mentioned at
SI. No.(iv) of item 3 above is made in respect of one house only, either at
item 3 above or here. Also, the exemption claimed in respect of one house in
this sub-Part, along with claim of exemption in respect of certain movable
assets mentioned in section 5(I A), which are enumerated at SL Nos. (t) to
(xvit) of the second category of exempted movable assets mentioned in item 6
of sub-Part B (refer pages 2.S8-2.60 of these notes), should not exceed rupees
five lakhs. However, this is subject to a few exceptions in certain cases, as
mentioned at pages 2.58-2.60 of these notes. Further, this overall ceiling of
rupees five lakhs imposed by section 5(1 A) would also apply to the
proportionate share of a partner's or member's interest in the movable or
immovable assets of the above nature which are owned by the firm or the AOP
(refer discussion at item 3 of sub-Part C at page 2.63 of these notes).
3 The sum total of exemptions claimed at item No. 8 above should be
indicated here.
4 Indicate here the balance (ie., 7-9).
5 The aggregate value of immovable property (ie., 5 + 10) is to be
indicated here.

Page 2.45
B.Movable property:
I Furnish in the given columns the details of all movable properties
held by the assessee, including those mentioned in section 2(e)
which are not assets for purposes of the Wealth-tax Act, whether
located in India or outside India, whether assessable or exempt
under section 5 and whether wealth-tax is payable on them or not
under section 5(2).
II Details of similar assets belonging to any other person but
 includible in the net wealth of the assessee under section 4
should also be given here. Nature of such assets is the same as
mentioned at SI. No. II of sub-Part A of these notes.
III Value of movable property should be declared as per rules 1, 2, 9
to 13 and 17 to 21 of Schedule III. Where the assets are held as
assets of business, for which accounts are maintained regularly,
the valuation should be done as per rule 14 of this Schedule.
Held as assets other than in business or profession
1. (i) Indicate here amount of cash in hand.
ii Use the space provided here in specifying each loan or advance of
Rs. 50,000 and above owing to the assessee. Others below Rs.
50,000 may be shown together The amount of loan or advance should
include the interest accrued thereon up to the valuation date,
which has not been received and is outstanding on that date.
Furnish and attach with the return the following information in respect
of each loan or advance of Rs. 50,000 and above owing to the assessee. -
Sl Amount Name of Whether Date of Mode of Rate of Type of Remarks
No. (Rs.) the loan or loan or loan interes securit , if
person advance advance advance t y if any
owning any
the
amount
1 2 3 4 5 6 7 8 9

ii Indicate in the columns given here name of the bank and its
branch, account number, nature of account, i e., whether it is a
savings bank account or a current account, recurring deposit
account, fixed deposit account, etc., and the amount in each
account.
iii Indicate here the form of gold, silver, platinum or other precious
metal, its gross and net weight in grams and its value as per rule
20 of Schedule Ill. 'Gold' means gold, including its alloy,
whether virgin, melted, remitted, wrought or unwrought, in any
shape or form of a purity of not less than nine carats and
includes any gold coin (whether legal tender or not), any gold
ornament and other articles of gold (rule 2 of Schedule Ill).
However, details of gold ornaments should be given against item
(v) below. Gold of purity of less than nine carats should be
shown under 'others' at item (iv)(d).
iv ltemwise details of jewellery should be given using columns (a) to
(a). Thus, gold ornaments at (a) would include ornaments of gold
with diamonds or other precious or semi-precious stones studded in
them. Similarly, diamond jewellery in silver will be shown at,
(b) while diamondjewellerv in platinum will be shown at (c).
Precious or semi-precious stones which are not part of any gold or
silver ornaments or ornaments of any other precious metal, but are
kept separate or are set in any furniture, utensils or other
articles or sewn into any apparel, should be shown at (a).
Valuation of jewellery is to be done as per rules 18 and 19 of
Schedule III. In support of the valuation of jewellery, the
prescribed form to be attached with the return is:
a where the value of the jewellery on the valuation date is up
to Rs. 5 lak s, a statement in Form No. O-8A, as prescribed
 by rule 13(c), signed by the assessee, or
(b) where the value of the jewellery on the valuation date exceeds
Rs. 5 lakhs, a report of Registered Valuer in Form No. 0-8, as
prescribed by rule 8D.
Note :The definition of the term 'jewellery' is given in rule 2 of Schedule
III.

Page 2.45
(vi) Companywise details of debentures, quoted/unquoted, should be
indicated in the respective columns given here.
The value of a quoted debenture is determined as per. rule 9 and
the value of an unquoted debenture is determined as per rule 20 of
Schedule III

vii Companywise details of preference shares quoted/unquoted should be

indicated in the columns given here.
The value of a quoted preference share is determined as per rule
9, and the value of an unquoted preference share is determined as
per rule 10 of Schedule III.
viii Companywise details of quoted equity shares should be
indicated in the columns given here.
The value of a quoted equity share is determined asper rule 9, or
at the option of the assess, as per rule 9A of Schedule III. In
the latter case, a certificate by a chartered accountant or by any
person entitled to be appointed as an auditor of a company by
virtue of section 226(2) of the Companies Act, 1956, in support of
the valuation is to be attached with the return.
(ix) Companywise details of unquoted equity shares should be indicated
in the columns given here The value of an unquoted equity share is
determined as per rules 1 1 to 13 of Schedule III depending upon
whether the unquoted equity share is in a company other than an
investment company or in an investment company or in an
interlocked company.
Note : The definitions of the terms 'debenture', 'preference share',
'equity share','quoted share','quoted debenture','unquoted
share'and'unquoted debenture'are given in rule 2 of Schedule IH.
(x) Space given here should be utilised in furnishing details of other
movable assets,such as :-
(a) Annuity rights.
(b) Assessee's right or interest in a policy of insurance.
(c) Assessee's right under any patent or copyright.
(d) Conveyance (Give details).
(e) Furniture, utensils and other articles (Give details).
f Tools and instruments necessary to enable the assessee to
carry on his profession or his vocation (mention profession
or vocation).
g Deposits under various schemes framed by the Government.
h Investments in various savings certificates, or annuity
certificates of post office.
i Various bonds issued by the Government or other bodies like
Public Sector companies, corporations, etc.
j Government securities.
k Units in the Unit Trust of India or of Mutual Fund specified
under section 10(23D) of the Income-tax Act.
l Deposits with Industrial Development Bank of India.
m Deposits with housing authorities constituted in India by or
under any law.
 n Deposits with Co-operative Societies.
o Shares in Co-operative Societies.
p Deposits under the Compulsory Deposit Scheme (Income-tax
Payers) Act,1974.
q Securities, bonds and debentures of local authorities.
r Any other amounts due to the assessee which remain unpaid.
s Amount covered by insurance policies, which have become due
and payable, but not paid.
t Uncashed dividends, interests, etc.
(u) Other assets not included.in the above items.
2. Indicate here the grand total of items 1(t) to 1(x).
Page 2.46
Held as assets of business or profession
3. Indicate in the columns given here the following details of movable
properties held as assets of business or profession carried on by the
assessee as proprietor. -
(a) Description of assets of business or profession. Some of these
assets can be:-
(i) Plant and machinery;
(ii) Furniture and fitting;
(iii) Patent rights, copyrights, etc.;
(iv) Vehicles;
(v) Stores, spare parts, tools and instruments;
(vi) Stock-in-trade;
(vii) Sundry debtors;
(viii)Loans and advances owing to the assessee;
(ix) Cash in hand and at Bank;
(x) All other assets.
(b) Indicate here the value of each asset as calculated on the basis
of the provisions of the relevant rule of Schedule III A copy of
the balance-sheet or trial balance as on the valuation date and a
copy of the auditor's report, if any, must be attached. As
indicated earlier, where the assets are held as assets of business
for which accounts are maintained regularly, rule 14 of Schedule
III will apply for purposes of valuation. However, details and
value of assets falling under rule 14(2)(a)(iii) of this Schedule
in respect of which wealth-tax is not payable under this Act,
should first be shown here, and then claimed as exempt at item No.
6 of this sub-Part.
4. Indicate here the aggregate sum of amounts mentioned at 3(b).
5. Indicate here the total of amounts at 2 and 4.
6. Give here the description of movable property shown at items 1 and 3
above but exempt under section 5(1).Also claim exemptions in respect of
the following types of movable properties -
i Under the provisions of section 2(e), animals, a right to annuity
subject to certain conditions mentioned in this section and any
interest in a property for a period not exceeding six years only
are not assets for the purposes of the Wealth-tax Act. Therefore,
after showing these at item 1 or 3, as the case may be, these
should be excluded by claiming these as exempt here.
ii Under the provisions of section 6, in the case of an individual
who is not a citizen of India or of an individual or Hindu
undivided family not resident in India or resident but not
ordinarily resident in India, the value of the following assets is
not to be included in his net wealth
(a) Assets located outside India.
a Assets in India in the form of any loans or debts owing to
 the assessee in any case where the interest payable on such
loans or debts is exempt under section 10 of the Income-tax
Act, 1961.
Therefore, after showing such assets, if any, at item 1 or 3, as the
case may be, these should be claimed as exempt here.
As regards exemptions available under section 5(1), such exempted assets
may broadly be classified into the following two categories: -
a Assets which are exempt without an overall ceiling of rupees five
lakhs.
b Assets belonging to a group of assets in relation to which there
is an overall ceiling of rupees five lakhs up to which assets in
that group can be exempt.
Assets falling in the first category are enumerated in various clauses
of section 5(1).These are:-
i Assets held under a trust or other legal obligation for. any
public purpose of a charitable or religious nature in India. The
exemption is not available in respect of any property forming pail
of any business carried on by such trust. This prohibition is,
however, subject to certain exceptions mentioned there-in-clause
(i).
ii Interest in the coparcenary property of a Hindu undivided family
as member thereof-clause (ii).
iii Author's or Inventor's tights under any copyright or patent held
by him in his own right as the author or inventor of such
copyright or patent-clause (v).
iv Right or interest in any insurance policy before the money covered
by the Policy becomes due and payable. However, if in the case of
a policy the term of premium payment is less than ten years, the
exempt amount is proportionately reduced-clause (vi).
v Right to receive a pension or other life annuity in respect of
past services under an employer-clause (vii).
vi Furniture, household utensils, wearing apparel, provisions and
other articles intended for the personal or household use, but
excluding jewellery.If any furniture, utensils, wearing apparel or
other article is made wholly or partly of or contains gold,
silver, platinum or any other precious metal or any alloy thereof
of. any precious or semi-precious stones are set in them or worked
or sewn in them, they are not exempt.
ALSO ANY PERSONAL CONVEYANCE OR CONVEYANCES (E.G., MOTOR CAR,
SCOOTER, BOAT, AIRCRAFT, ETC.) IS/ARE EXEMPT TO THE EXTENT OF RS.
75,000 ONLY. THEIR VALUE IN EXCESS OF TIAIS AMOUNT IS TO BE
INCLUDED IN THE NET WEALTH-CLAUSE (viii).
(vii) Agricultural and horticultural tools, implements and equipment
used for agricultural/horticultural purposes mentioned therein-
clause (ix).
(viii Tools and implements necessary for carrying on assessee's
profession or vocation. THESE ARE, HOWEVER, EXEMPT UP TO RS.
50,000 ONLY. Their value in excess of this amount is to be
included in the net wealth-clause (x).
(ix) Amount of any professional fee due in the case of lawyers, medical
practitioners, engineers, architects and accountants, who
regularly maintain books of account on cash system of accounting-
clause (xa).
(x) Instruments and other apparatus used for scientific research-
clause (xi) Works of art, archaeological, scientific or art collections,
books
or manuscripts belonging to the assessee and not intended for
 sale-clause(xii)
xii Drawings, paintings, photographs, prints and any other heirloom
not failing under (xi) above and not intended for sale. However,
jewellery, even if heirloom, is not exempt-clause (xiii).
(xiii Jewellery in possession of ex-Rulers and recognised as heirloom
subject to certain conditions mentioned therein-clause (xiv).
(xiv) 61/2 per cent Gold Bonds, 1977, 7 per cent Gold Bonds, 1980 and
National Defence Gold Bonds, 1980-clause (xiva).
(xv) Special Bearer Bonds, 1991-clause (xivb).
xvi Any 'foreign exchange' asset in the case of an individual who is a
citizen of India or a person of Indian origin and is not a
resident in India [ie., a non-resident Indian (NRI)I. 'Foreign
exchange asset' means the following assets acquired, purchased or
subscribed to in convertible foreign exchange
(a) Shares in an Indian company.
(b) Debentures issued by an Indian public company.
(c) Deposits with an Indian public company.
(d) Securities of the Central Government.
(e) Such other assets as may be notified for this purpose.

The exemptions in respect of the aforesaid assets, except

shares in an Indian company, once available to such a NRI,
continues even after he becomes resident in India-clauses (xvic)
and (xvica).In case a NRI returns to India with the intention of
permanently residing here, exemption from wealth-tax is available
to him for seven successive assessment years in respect of assets
and moneys brought by him into India or assets acquired out of
such moneys within one year immediately preceding the date of his
return or at any time thereafter-clause (xxxiii).
(xvii Capital Investment Bonds notified in this behalf by the Central
Government-clause (xvia).
(xviii Certain notified debentures of a public sector company
issued before 1-6-1988-clause (xvie) and second proviso to section
5(1A)
xix Relief Bonds notified in this behalf by the Central Government-
clause (,xvif).
xx Non-repatriable bonds which are notified by the Government for
purposes of exemption from income-tax under section 10(15)(iid) of
the Income-tax Act, 1961 and which have been purchased by a non-
resident Indian in foreign exchange. This exemption is also
available to the following individuals:-
(a) A nominee or survivor of such non-resident Indian.
(b) An individual receiving the bonds by way of gift from such
non-resident Indian.
(c) An individual who is a nonresident Indian at the time of
purchasing the bonds, but becomes a resident in India in any
subsequent year-clause(xvig).
(xxi) Credit balance, in a provident fund, in the case of a salaried
employee, maintained by his employer to which Provident Fund Act,
1925 applies or which is a recognised provident fund within the
meaning of section 2(38) of the Income-tax Act, 1961-clause
(xvii).
(xxii Credit balance, in the case of an individual, in a Public
Provident Fund under the Public Provident Fund Scheme, 1965-clause
(xviia).
(xxiii) Property received from Government in pursuance of any
gallantry or merit award instituted or approved by the Central
 Government-clause (xviii).
(xxiv A medal, trophy or any award in kind for any attainment, work or
contribution in any field received from Government, a University
or an institution affiliated to such University or any other
institution, association or body, approved by the Central
Government for the purposes of this clause-clause (xviiia).
xxv Equity shares in any company carrying on an industrial undertaking
in India which is manufacturing or producing any article or thing
specified in the Ninth Schedule to the Income-tax Act, where such
shares form part of the initial issue of equity share capital made
by the company after 28-2-1975. The exemption is available for a
period of five successive assessment years following the date of
issue of such equity shares-clause (xxa).
(xxvi Deposits under the National Savings Scheme refei red to iii
section 8OCCA of the Income-tax Act, 1961-clause (xxvb).
(xxvii) Right or interest in Jeevan Dhara and Jeevan Akshay Policies
of the Life Insurance Corporation which have been notified under
section 8OCCA of the Income-tax Act, 1961-clause (xxvc).
(xxviii) Deposits in a notified scheme by a retired Government
employee out of money due to him on account of retirement. This
exemption is available with effect from the assessment year 1990-
91.
The exemption is also available to the employees of a public
sector company with effect from the assessment year 1991-92-
~clause (xxviic)
(xxix Moneys deposited under a house building scheme of a co-operative
housing society as a member of that society for the allotment or
lease of a house-clause (xxx),
(xxx) Equity shares in any company carrying on an industrial undertaking
in India which is manufacturing or producing any article or thing
specified in Schedule II or which is exporting a certain
percentage of its production as specified by the prescribed
authority, held by an individual who is a citizen of India and is
a nonresident in India during the year ending on the valuation
date. Such shares should form part of the initial issue of equity
share capital made by the company after 31-3-1976 or part of the
issue of equity share capital made by the company after 31-3-1976
for purposes of extension or diversification of its industrial
undertaking-clause (xxxiv).
The second category of exempted assets is a group of assets, which are also
enumerated in sub-section (1) of section 5, but in respect of which sub-
section (1A) of that section places an overall ceiling of Rs. 5 lakhs on the
aggregate amount to be exempted. These assets are :-
i Deposits under any scheme framed and notified in this behalf by
the Central Government. Thus, 5-year and 3-year fixed deposits
with Central Government in the State Bank of India, 1/2/3/5-year
post office time deposits and 5-year post office recurring
deposits are exempt under this provision-clause (xv).
ii 10-year treasury savings deposit certificates, 15-year annuity
certificates, deposits in post office savings banks, post office
cash certificates, post office national savings certificates, post
office national plan certificates, 12-yeztr national -Plan savings
certificates, 10-year defence deposit certificates and 12-year
national defence certificates-clause (xvi).
The following important points may be noted in respect of exempted
assets referred to at (i) and (ii) above :
a The rules governing some of these investments also lay down
 certain ceilings up to which such investments can be made.
For example, there is a limit of Rs. 25,000 for single
account and Rs. 50,000 for a joint account in relation to
fixed deposits with the Central Government in the State Bank
of India. Ceilings of Rs. 1,20,000 and Rs. 2,40,000 have
been placed in relation to 1 0-year post office savings bank
cumulative time deposits. Such ceilings exist in respect of
certain other investments also.
In all these cases the maximum amount exempt from wealth-tax
is that up to which the deposits can be made under the rules
governing these investments.
(b) If these assets are held by the assessee continuously from a
date prior to 1-3-1970, the limit of Rs. 5 lakhs will not
apply to them.
(c) The limit of Rs. 5 lakhs also does not apply in the case of
deposits under the Post Office Savings Bank (Cumulative Time
Deposits) Rules, 1981, which are fully exempt.
i Certain notified debentures of a public sector company issued on
or after 1-6-1988.Such debentures issued before 1-6-1988 are fully
exempt and are mentioned at Sl. No. (xviii) of the first category-
clause (xvie).
ii Securities of the Central or a State Government other than those
mentioned at Sl. No.(ii) above and at SI. No. (xiv) of the first
category-clause (xxii).
iii Shares in an Indian company, other than those mentioned at SI. No.
(xxv,) of the first category-clause (xxiii).
iv Such debentures issued by any co-operative society or any other
institution or authority, as notified by the Central Government in
this behalf. Example :debentures issued by the State Electricity
Boards, the Agro Industries Corporations, Housing Boards (for
rural housing), Co-operative Processing and Marketing Societies
and other approved State sponsored institutions have been notified
for exemption-clause (xxiv).
v Units of a Mutual Fund set up by a public sector bank or a public
financial institution, which is specified under section 10(23D) of
the Income-tax Act, 1961-clause (xxiva).
vi Units in the Unit Trust of India-clause (xxv).
vii Deposits under such National Deposit Scheme, as may be framed and
notified by the Central Government in this behalf.
The overall ceiling of rupees five lakhs is increased by twenty-
five thousand rupees in relation to these deposits-clause (xxva)
and third proviso to section 5(1A).
(x) Deposits with banks, including deposits with a co-operative
society carrying on banking business-clause (xxvi).
(xi) Deposits with financial corporations engaged in providing long-
term finance for industrial development in India or with a public
company formed with the main object of providing long-term finance
for construction or purchase of residential houses in India-clause
(xxvii).
(xii) Deposits with the Industrial Development Bank of India-clause
(xxviia).
(xiii) Deposits with authorities like the Delhi Development
Authority and Improvement Trusts constituted for providing housing
accommodation or for planning, development or improvement of
cities, towns and villages-clause (xxviib).
(xiv) Deposits with the National Housing Bank. This exemption is
available with effect from the assessment year 1990-91-clause
 (xxviid).
(xv) Shares in any co-operative society-clause (xxviii).
(xvi) Deposits made by a member with a co-operative society other than
those mentioned at SI. No. (x) above and at SI. No. (xxix) of
the first category-clause (xxix).
xvii Assets, other than land or building or any rights therein or any
asset exempted under various clauses of section 5(1), forming
part of industrial undertaking belonging to the assessee-clause
(xxxi).
Another condition, which is imposed by section 5(3), for claiming
exemption, in respect of some of the assets enumerated in various
clauses of section 5(1), which are mentioned above, either in the
first category or in the second category of exempted assets, is
that these must be owned by the assessee for a period of at)east
six months ending with the relevant valuation date, otherwise the
exemption is denied. The assets in respect of which this condition
applies are those which are mentioned at:-
(a) Serial Nos. (xvii), (xviii), (xix) and (xxv) of the first
category of exempted assets mentioned above.
a Serial Nos. (i), (ii), (iii), (iv), (v), (vi), (viii), (x),
(xi), (xii), (xiii), (xv) and (xvi) of the second category
of exempted assets mentioned above.
However, in the case of shares in a company, the holding period
may be less than six months if the shares are held from the date
on which the shares were first issued by the company. Similarly,
in the case of Capital Investment Bonds, notified debentures of
public sector companies and Relief Bonds, the holding period may
also be less than six months, if these are held by the assessee
from the date on which these were subscribed to by him.
Also, where any of the exempted assets under section 5 (called as
original asset) is converted into any other exempted assets
mentioned at (a) and (b) above (called as new asset) within sixty
days of ceasing to be the original asset, then for the purposes of
computing the period of six months in relation to new asset, the
period for which the new asset is owned is reckoned by taking into
account also the period for which the original asset was owned
within twelve months period ending on the relevant valuation date.
7 The sum total of exemptions claimed at 6 above should be indicated
here.
8 The aggregate value of movable property (i.e., 5-7) is to be
indicated here.
C.INTERESTINA FIRM OR ASSOCIATION OFPERSONS (AOP) AS A PARTNER OR MEMBER
THEREOF
1 Indicate in the columns given here the following details of
interest held as a partner in a firm or as a member of an AOP:
a Name and address of each firm in which interest is held as a
partner.
b Name and address of each AOP in which interest is held as a
member.
The value of the interest in the firm or AOP is to be determined as per
rules 15 and 16 of Schedule III and shown in the columns provided for
the same. The value of interest of a minor child in a firm, who is
admitted to the benefits of partnership in such a firm, which is to be
included in the assessee's net wealth under the provisions of the
proviso to section 4(1)(b), should also be indicated at (a) above. The
sum total of these should be indicated in the outer column totals of (a)
and (b).A copy of the balance-sheet of the firm or of the AOP or both,
 as the case may be, and a copy of the Auditor's report in each case, if
any, must be attached.
1 Indicate here the total of items 1(a) and 1(b) above.
2 Indicate here the exemptions under section 5(1) and (1A) that are
available to a partner or a member in respect of his interest in a
firm or AOP.
It is provided in rule 16 of Schedule III that in determining the
net wealth of the firm or the AOP, exemptions mentioned in section
5(1) and (1A) shall not be allowed. However, if the net wealth of
the firm or AOP includes the value of any assets exempt under
these provisions, the value of the interest of a partner or member
shall be deemed to include the value of his proportionate share in
the said assets and the provisions of section 5(1) and (1A) shall
apply to such partner or member.
Therefore, the value of proportionate share of a partner or member
in a firm or AOP which is exempt under section 5(1) or (1A) and is
included in the value of his interest in such firm/AOP should be
shown here.
Further, under the provisions of section 5(1)(xxxii), the value of
the interest of the assessee in the assets [not being any land or
budding or any rights therein or any asset exempt under any other
clause of section 5(1)l forming part of an industrial undertaking
belonging to a firm or AOP of which the assessee is a partner or a
member, is also exempt, This exemption is, however, subject to the
overall ceiling of Rs. 5 lakhs imposed by section 5(1A). If
exemption under this provision is claimed, the same should also be
shown here.
Rule 16 of Schedule III also provides that if the net wealth of
the firm or AOP includes the value of any assets located outside
India, value of interest of a partner or a member in the assets
located in India shall be determined having regard to the
proportion which the value of assets located in India diminished
by the debts relating to those assets bears to the net wealth 'of
the firm or AOP.
3 The sum total of exemptions claimed at 3 above should be indicated
here.
4 The aggregate value of interest in a firm or AOP as a partner or
member thereof (2-4) is to be indicated here.
Page 2.47
D. DEBTS OWED BY THE ASSESSEE
I. Please furnish details of all debts owed by the assessee in the
appropriate columns in this sub-Part, whether secured on or
incurred in relation to any property or not, whether deductible in
computing the net wealth or not so deductible and whether located
in India or outside India.
A debt is located at the place where it is payable. If the place
of payment is not specified, then location of debt is determined
by the place of residence of the creditor.
II Similar details of debts referable to assets belonging to any
other person, but includible in the net wealth of the assessee
under section 4, should also be given here. Nature of such assets
has been explained at SI. No. II of sub-Part A.
III Charge amount on any assessable property included in the net
wealth in sub-Parts A, B and C should also be shown at the
appropriate place in this sub-Part. Nature the charge and name,
address and relationship of the person in whose favour the charge
exists should be given here.
RELATING TO BUSINESS OR PROFESSION CARRIED ON BY HIM.
1 Indicate in the columns given here the following details of debts
relating to business or profession carried on by him as a
proprietor :-
a Description of debt, with name and address of the person
from whom taken and rate of interest, if any.
b If the debt has been secured on or incurred in relation to
any property included at item 6 of sub-Part A or item 3 of
sub-Part B, the property in question must be specified here,
giving the same description as in sub-Parts A and B so that
the same can be easily correlated.
c The gross amount of the debt should be given here, including
the amount of interest accrued but not paid as on the
valuation date.
d If out of the gross amount of a debt owed by the assessee
mentioned in column (c), the entire debt or part of the debt
is not deductible in computation of net wealth, the amount
not deductible should be indicated in this column. Under
the provisions of section 2(m), debts which are not
deductible in computing the net wealth are :-
i In the case of an individual who is not a citizen of
India or an individual or a Hindu undivided family not
resident in India or resident but not ordinarily
resident in India, debts located outside India.
ii Debts which are secured on, or which have been
incurred in relation to any property in respect of
which wealth-tax is not chargeable. Property on which
wealth-tax is not chargeable can be:
1 Assets which are excluded from the definition of
assets given in section 2(e), such as
agricultural land or movable property of the
type mentioned at item 6 of sub-Part B.
2 Assets, which are not to be taken into account
under the provisions of section 6, in computing
the net wealth of an individual who is not a
citizen of India or of an individual or a Hindu
undivided family not resident in India or
resident but not ordinarily resident in India.
Such excluded assets are:-
(a) Assets located outside India.
(b) Assets in India in the form of any loans
or debts owing to the assessee in any case where
the interest payable on such loans or debts is
exempt under section 10 of the Income-tax Act,
1961.Thus, for example, if a non-resident
assessee incurs a debt in India in respect of an
asset located outside India so that such asset
is not includible in his net wealth, the debt so
incurred will also not be deductible from his
net wealth.
(3) Assets whose value is exempt under the
provisions of sections 5(1) and 5(2).
In the case of an asset which is exempt either
wholly or partly under the provisions of sub-
section (1A) of section 5, the non-deductibility
of a debt, which is secured on or incurred in
relation to such an asset, shall be limited to
 the value of the exemption which that asset gets
under the said sub-section (1A) [Explanation 2
to section 2(m)].For example, if a debt of Rs.
6,00,000 has been incurred in respect of an
asset of the value of Rs. 10,00,000, which is
exempt up to Rs. 5,00,000 only under the
provisions of section 5(1A), the debt to the
extent of Rs. 5,00,000 shall not be deductible,
while the balance debt of Rs. 1,00,000 only
shall be deductible from the net wealth.
However, if the amount of debt is only Rs.
4,00,000, the entire debt shall not be
deductible from the net wealth.
It is also provided that where the debt is
secured on or has been incurred in relation to
an asset exempt under section 5(1A), the
exemption shall be allowed first against the
value of the asset on which or in relation to
which the debt is secured or incurred and,
thereafter, against the value of any other asset
so exempt [Explanation to section 5(1A)]. For
example, if the net wealth consists of a house
of the value of Rs. 6,00,000 and shares of value
of Rs. 6,00,000, both of which qualify for
overall exemption of Rs. 5,00,000 under section
5(1A), and if a debt of Rs. 3,00,000 has been
incurred against the house, exemption of Rs.
5,00,000 under section 5(1A) shall be allowed,
against the house property. Consequently, debt
of Rs. 3,00,000 will not be deductible in
computation of net wealth.
i The amount of tax, penalty or interest payable in
consequence of any order passed under certain Direct
Taxes Acts, which is outstanding on the valuation
date, and
(a) if the amount is disputed in appeal, revision or
other proceedings, or
(b) though not disputed as above, if the amount is
outstanding for more than 12 months on the
valuation date.
This prohibition of deduction of outstanding tax,
etc., is in respect of the demands created under the
following Acts /Laws :-
1 any law relating to taxation of income or
profits, e.g., Income-tax, State Legislation
relating to taxation of agricultural income,
etc.,
2 Wealth-tax Act,
3 Gift-tax Act,
4 Expenditure-tax Act.
a Indicate here the net amount of debt which is deductible in
the computation of net wealth (ie., c-d.
As indicated earlier in these notes, for purposes of valuation of
assets of business for which accounts are maintained regularly,
rule 14 will apply. Clause (e) of rule 14(2) enumerates the
liabilities shown in the balance-sheet, which are not to be taken
into account while determining the net value of such business
 assets. Care should be taken that such items are not claimed as
debts. Sub-clause (v,) of clause (e) further provides that any
debt owed by the assessee to the extent to which it has been
specifically utilised for acquiring the asset in respect of which
wealth-tax is not payable, should not be taken into account.
However, details and gross amount of any such debt should be first
shown in the columns (a) to (c) and then it should be claimed as
not deductible in column (a). Details in respect of debts
incurred in relation to the share of a partner in a firm or a
member in an AOP should also be indicated in the columns (a) to
(e) above. Thus, if a partner has taken a loan of Rs. 50,000 for
investing his capital in the firm or against the property, which
he has transferred to the firm in consideration of his joining the
partnership, the particulars of the debt of Rs. 50,000 should be
shown here. In such a case also, if the value of the interest of
the partner or the member in the firm /AOP is fully or partly
exempt, the debt of Rs. 50,000 will not be deductible to the
extent of the amount so exempt.
2. Indicate here the aggregate sum of the amounts mentioned at 1(e).
DEBTS OTHER THAN T HOSE INCLUDED IN 1 ABOVE.
3. Indicate in the columns given here details, similar to those given
at Sl. No. 1 above, in respect of the following debts:-
i those which are secured on or incurred in relation to assets
other than assets of business or profession carried on by
the assessee, and
ii those, which are not related to any asset, eg., a loan taken
for purposes of marriage or education of children oi- any
other personal loans.
The detailed notes given in respect of debts at SI. No. 1 above
will also apply to the claim of debts here.
4 Indicate here the aggregate sum of amounts mentioned at 3(e).
5 Aggregate value of debts deductible (2+4) is to be indicated here.
E. STATEMENT OF NOTIFIED ASSETS ON WHICH WEALTH-TAX IS NOT PAYABLE BUT
WHICH TO BE INCLUDED IN THE NET WEALTH UNDER SECTION 5(2) AND HAVE BEEN SO
INCLUDED IN THE ASSETS SHOWN IN SUB-PARTS B AND C ABOVE.
1 Indicate in the columns given here the description of deposits
with Central or State Governments and securities of Central or
State Governments, which have been notified by the Central
Government for exemption under section 5(2), the number and date
of Central Government Notification granting such exemption from
tax and the value of each such deposit and/or security.
2 Sum total of amounts shown at 1 should be indicated here.
3 Indicate here the value of the proportionate share of a partner or
a member in the value of assets of the nature mentioned at item
No. 1 above, included in the net wealth of the firm or AOP, which
is included in the value of the interest of the partner or member
in such firm or AOP.
4 Indicate here the sum total of amounts mentioned at 2 and 3 above.
Note:The total value of assets shown in this sub-Part will be relevant for
purposes of calculation of wealth-tax, as explained in Part II

Page 2.48
F. STATEMENT OF NET WEALTH LOCATED OUTSIDE INDIA AND INCLUDED IN THENETWEALTH,
I.E,IN THE ASSETS SHOWN IN SUB-PARTS A, B & C AND IN THE DEBTS SHOWN IN SUB-
PART D
1 Indicate here the total value of immovable properties located
outside India and already included in item A.1 at page 2.44 of the
 return.
2 Indicate here the total value of immovable properties located
outside India and already ncluded in item A.6 at page 2.44 of the
return.
3 Indicate here the sum total of 1 and 2.
4 Indicate here the total amount of exemptions relating to immovable
properties shown at items 1 and 2 above and already included in
items A.3 and A.8 at page 2.44 of the return.
5 Aggregate value of movable properties located outside India (ie.,
3-4) is to be indicated here.
6 Indicate here the total value of movable properties located
outside India and already included in items B.1(i) to (x) at pages
2.45-2.46 of the return.
7 Indicate here the total value of movable properties located
outside India and already included in item B.3 at page 2.46 of the
return.
8 Indicate here the sum total of 6 and 7.
9 Indicate here the total amount of exemptions relating to movable
properties shown at items 6 and 7 above and already included in
item B.6 at page 2.46 of the return.
10 Aggregate value of movable properties located outside India (i.e.,
8-9) is to be indicated here.
11 Indicate here the total value of interest held in a firm or AOP as
a partner or member thereof, which is located outside India and is
already included in item C.1 at page 2.47 of the return.
12 Indicate here the total value of exemptions relating to the value
of the interest of a partner or member shown at item No. 11 above
and already included in item C.3 at page 2.47 of the return.
13 Aggregate value of the interest held in a firm or AOP as a partner
or member thereof, which is located outside India (i.e., 11- 12)
is to be indicated here.
14 Aggregate value of wealth located outside India (i e., 5+10+13) is
to be indicated here.
15 Indicate here the total value of debts referable to assets shown
in this sub-Part, which have already been in items D. 1 and D.3 at
page 2.47 of the return.
16 Indicate here the total value of net wealth located outside India
(i.e., 14-15).
Note : An individual who is not a citizen of India or an individual or a Hindu
undivided family not resident in India or resident but not ordinarily resident
in India need not fill this sub-Part or in his case assets and debts located
outside India would already have been excluded from his assets and debts shown
in sub-Parts A, B, C & D.

This sub-Part is to be filled up by an individual who is a citizen of India

and is resident in India and by an Hindu undivided family who is resident in
India. In such cases, the total value of net wealth located outside India,
which is shown in this sub-Part, will be relevant for purposes of calculation
of wealth-tax, as explained in Part II.
G. STATEMENT OF NET WEALTH
1. Indicate here,-
A Aggregate value of immovable property (Item A.1 1 at page
2.44 of the return).
B Aggregate value of immovable property (Item B.8 at page 2.47
of the return).
C Aggregate value of interest held in a firm or AOP as partner
or member thereof (Item C.5 at page 2.47 of the return).
 1 Aggregate value of wealth, i.e., sum total of A, B and C should be
indicated here.
2 Indicate here the aggregate value of debts (Items D.5 at page 2.48
of the return).
3 Net wealth (i.e., 2-3) is to be indicated here.
4 Mention here the net wealth as rounded off to the nearest multiple
of hundred rupees, both in figures and words.
5 Amount of net wealth belonging to other persons but includible in
the net wealth of the assessee under section 4 (as explained at
Sl. No. 11 of sub-Part A) and which has been included in sub-
Parts A, B, C and D is to be shown here.
7. Give here the name/names and relationship of such other person(s).

PART II
STATEMENT OF TAXES

Page 2.49
1. Wealth-tax payable on the net wealth arrived at G.5 of Part I is
to be indicated here. The tax should be calculated according to
the rates specified in Part I of Schedule I. Further, rules 1, 3
and 4 of the said Schedule I provide for the method of determining
the wealth-tax payable in the following types of cases:
1 Where the net wealth of an assessee includes the value of
any asset on which wealth-tax is not payable under section
5(2) [rule 1 of Schedule I].
2 Where the assessee is an individual who is not a citizen of
India and who is not a resident in India [rule 3 of Schedule
I.
3 Where the net wealth of a resident assessee, being an
individual who is a citizen of India or a Hindu undivided
family, includes any assets located outside India [rule 4 of
Schedule I].
4 Give here interest chargeable for late filing of return. The
manner of computation of interest is laid down in section 17B.
5 The total amount of tax and interest payable (1 + 2 is to be
indicated here).
6 Give details of the tax and interest, if any, paid on self -
assessment (ie., before filing the return) and also attach
challan(s) in support of the amounts so paid.
7 The net tax/interest payable or refund due, as the case may be, is
to be indicated here. For indicating refund, precede it by a
minus (-) symbol.

PART III
INFORMATION WHERE ASSESSEE IS A PARTNER OR MEMBER OF A FIRM/AOP

Please give here complete information in the appropriate columns.

PART IV
LIST OF DOCUMENTS/STATEMENTS ATTACHED

Give here complete particulars of documents /statements attached to the return

of wealth,

Verification
Read the instructions below the verification carefully before signing it.Fill
all the relevant columns in the verification. [Give the place and date as
indicated.]