Wealth-Tax Act, 1957

This comprehensive edition of the Wealth-Tax Act, 1957 provides a complete, updated, and practitioner-friendly presentation of India’s erstwhile wealth-tax framework. Although abolished for most taxpayers, the Act remains significant for understanding historical tax liabilities, ongoing litigation, past assessments, and comparative tax analysis. The book explains the statutory structure for determining net wealth, taxable and exempt assets, valuation of immovable and movable property, and the computation of wealth-tax liabilities. It includes key definitions, asset classification rules, and practical illustrations that clarify the application of valuation norms.
Assessment procedures, filing requirements, penalties, appeals, and powers of tax authorities are presented in a clear and accessible manner, accompanied by cross-references and interpretative notes. The edition also highlights important exemptions, asset-specific rules, and procedural safeguards that shaped wealth-tax administration in India. Designed as both a reference and teaching tool, this annotated text particularly benefits legal practitioners, tax consultants, academicians, and students of direct taxation seeking a thorough understanding of wealth-tax legislation and its continued relevance in tax jurisprudence.