Section 5(2) in The Wealth- Tax Act, 1957

Central Government Act

(2) Wealth- tax shall not be payable by an assessee in respect of any deposit made by the assessee with the Government or in any security of the Government or of a local authority not specified in 4[ clause (xv) or] 5[ clause (xvi) or clause (xvia)] of sub- section (1)

1. Ins. by Act 32 of 1971, s. 32 (w. e. f. 1- 4- 1972 ). 2 Ins. by Act 19 of 1970, s. 26 (w. e. f. 1- 4- 1971 ). 3 Sub. by Act 32 of 1971, s. 32, for (xxvi) and (xxvii)" (w. e. f. 1- 4- 1972 ). 4 Ins. by Act 19 of 1968, s. 32 (w. e. f. 1- 4- 1969 ). 5 Sub. by Act 54 of 1962, s. 5, for" clause (xvi)..

which the Central Government may, by notification in the Official Gazette, exempt from wealth- tax; but the value of any deposit or security so exempted shall be included in computing the net wealth of the assessee.