The Wealth-tax Act, 1957

The Wealth-tax Act, 1957 is an Indian law that was enacted to impose a tax on the net wealth of individuals, Hindu Undivided Families (HUFs), and companies. This act defines the various assets that are included in the definition of wealth, the valuation methods to be used, and the exemptions and deductions available. The Act also provides for the establishment of a Wealth Tax Officer and the necessary procedures for the assessment and collection of the wealth tax. The Act has been amended multiple times, with the latest amendment being in 2015.