(5)any property in the nature of commercial establishments or complexes;](ii)[ motor cars (other than those used by the assessee in the business of running them on hire or as stock-in-trade); [Inserted by Act 18 of 1992, Section 89 (w.e.f. 1.4.1993). ](iii)jewellery, bullion and furniture, utensils or any other article made wholly or partly of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals:Provided that where any of the said assets is used by the assessee as stock-in-trade, such asset shall be deemed as excluded from the assets specified in this sub-clause;(iv)yachts, boats and aircrafts (other than those used by the assessee for commercial purposes);(v)urban land;(vi)cash in hand, in excess of fifty thousand rupees, of individuals and Hindu undivided families and in the case of other persons any amount not recorded in the books of account.] [Substituted by Act 44 of 1980, Section 36, for the proviso (w.e.f. 1.4.1981). Earlier the proviso was added by Act 19 of 1970, Section 26 (w.r.e.f. 1.4.1969). ][ Explanation 1] [ Explanation renumbered as Explanation 1 thereof by Act 27 of 1999, Section 91 (w.e.f. 1.4.2000).].-For the purposes of this clause,--(a)[ "jewellery" includes,--(i)ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones and whether or not worked or sewn into any wearing apparel;(ii)precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any wearing apparel;(b)"urban land" means land situate-,-(i)in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the valuation date; or(ii)in any area within such distance, not being more than eight kilometres from the local limits of any municipality or cantonment board referred to in sub-clause (i), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette, but does not include land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him ][or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him] [ Substituted by Act 21 of 1998, Section 67, for certain words (w.e.f. 1.4.1999).];[ Explanation 2.-For the removal of doubts, it is hereby declared that "Jewellery" does not include the Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 notified by the Central Government;] [ Inserted by Act 27 of 1999, Section 91 (w.e.f. 1.4.2000).](f)"Board" means the [Central Board of Direct Taxes constituted under the Central Board of Revenue Act, 1963 (54 of 1963)] [ Substituted by Act 54 of 1963, Section 5, for " Central Board of Revenue constituted under the Central Board of Revenue Act, 1924 (4 of 1924)" (w.e.f. 1.4.1964).];[* * *] [ Clauses (g), (gg), (hb) and (k) omitted by Act 4 of 1988, Section 128 (w.e.f. 1.4.1988).][* * *] [ Clauses (g), (gg), (hb) and (k) omitted by Act 4 of 1988, Section 128 (w.e.f. 1.4.1988).](h)[ "company" shall have the meaning assigned to it in clause (17) of section 2 of the Income-tax Act;] [ Substituted by Act 4 of 1988, Section 128, for Clause (h)(w.e.f. 1.4.1989).](ha)[ "co-operative society" means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies;] [ Inserted by Act 16 of 1972, Section 44 (w.e.f. 1.4.1957).][* * *] [ Clauses (g), (gg), (hb) and (k) omitted by Act 4 of 1988, Section 128 (w.e.f. 1.4.1988).](i)"executor" means an executor or administrator of the estate of a deceased person;(ia)[ "High Court", in relation to the Union territories of Dadra and Nagar Haveli and Goa, Daman and Diu, means the High Court at Bombay;] [ Inserted by Act 3 of 1963, Section 3 and Schedule(w.e.f. 1.4.1963).](j)"Income-tax Act" means the Income-tax Act, 1961 (43 of 1961);[* * *](ka)[ "India" means the territory of India as referred to in article 1 of the Constitution, its territorial waters, seabed and subsoil underlying such waters, continental shelf, exclusive economic zone or any other maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976 (80 of 1976), and the air space above its territory and territorial waters;] [ Substituted by Act 46 of 1964, Section 2, for Clause (j)(w.e.f. 1.4.1965).][* * *] [ Substituted by Act 22 of 2007, Section 83, for Clause (ka)(w.r.e.f. 25.8.1976).](lb)[ "legal representative" has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908 (5 of 1908);] [ Clauses (l) and (la) omitted by act 4 of 1988, Section 128 (w.e.f. 1.4.1989).](lc)[ -"maximum marginal rate" means the rate of wealth-tax applicable in relation to the highest slab of wealth in the case of an individual as specified in Part I of Schedule I;] [ Inserted by Act 4 of 1988, Section 128 (w.e.f. 1.4.1989).](ld)[ "National Tax Tribunal" means the National Tax Tribunal established under section 3 of the National Tax Tribunal Act, 2005 (49 of 2005;] [ Inserted by Act 49 of 2005, Section 30 and Schedule (w.e.f. 28.12.2005).](m)"net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee [on the valuation date which have been incurred in relation to the said assets;] [ Substituted by Act 18 of 1992, Section 89, for certain words (w.e.f. 1.4.1993).](n)"prescribed" means prescribed by rules made under this Act;(o)"principal officer", used with reference to a company, means the secretary, manager, managing agent or managing director of the company, and includes any person connected with the management of the affairs of the company upon whom the [Assessing Officer] [ Substituted by Act4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).] has served a notice of his intention of treating him as the principal officer thereof;(oa)[ "public servant" has the same meaning as in section 21 of the Indian Penal Code (45 of 1860);] [ Inserted by Act 46 of 1964, Section 2 (w.e.f. 1.4.1965).](oaa)[ "registered valuer" means a person registered as a valuer under section 34 AB;] [ Inserted by Act 45 of 1972, Section 7 (w.e.f. 15.11.1972).](ob)"regular assessment" means the assessment made under [sub-section (3) or sub-section (5) of section 16] [ Substituted by Act 12 of 1990, Section 51, for " section 16" (w.r.e.f. 1.4.1989).];(p)"Ruler" means a Ruler as defined in clause (22) of Article 366 of the Constitution;(q)"valuation date", in relation to any year for which an assessment is to be made under this Act, means the last day of the previous year as defined in [section 3] [ Substituted by Act 46 of 1964, Section 2, for " clause (11) of section 2" (w.e.f. 1.4.1965).] of the Income-tax Act if an assessment were to be made under that Act for that year:[Provided that--] [Substituted by Act 46 of 1964, Section 2, for the proviso (w.e.f. 1.4.1965). ][* * *] [ Clause (i) omitted by Act 4 of 1988, Section 128 (w.e.f. 1.4.1989).](ii)[ in the case of a person who is not an assessee within the meaning of the Income-tax Act, the valuation date for the purposes of this Act shall be the 31st day of March immediately preceding the assessment year;(iii)where an assessment is made in pursuance of section 19-A, the valuation date shall be the same valuation date as would have been adopted in respect of the net wealth of the deceased if he were alive;.] [Substituted by Act 46 of 1964, Section 2, for the proviso (w.e.f. 1.4.1965). ](r)[ "Valuation Officer" means a person appointed as a Valuation Officer under section 12-A, and includes a Regional Valuation Officer, a District Valuation Officer and an Assistant Valuation Officer;] [ Substituted by Act 45 of 1972, Section 7, for Clause (r)(w.e.f. 15.11.1972).](s)[ the expressions "Chief Commissioner, Director-General, Commissioner, Commissioner (Appeals), Director, Additional Director of Income-tax, Additional Commissioner of Income-tax, Joint Director, Joint Commissioner of Income-tax, Deputy Director, Deputy Commissioner, Assistant Commissioner, Assistant Director, Income-tax Officer, Inspector of Income-tax and Tax Recovery Officer shall have the meanings respectively assigned to them under section 2 of the Income-tax Act.] [ Substituted by Act 21 of 1998, Section 67, for Clause (s)(w.e.f. 1.10.1998).]
