Section 54 - Amendment of section 222 - Taxation Laws (Amendment) Act, 1975

54. Amendment of section 222. In sub-section (1) of section 222 of the Income-tax Act, the following Explanation shall be inserted at the end, namely: Explanation . For the purposes of this sub-section, the aasessee s movable or immovable property shall include any property which has been transferred, directly or indirectly on or after the 1st day of June, 1973, by the assessee to his spouse or minor child or son s wife or son s minor child, otherwise than for adequate consideration, and which is held by, or stands in the name of, any of the persons aforesaid; and so far as the movable or immovable property so transferred to his minor child or his son s minor child is concerned, it shall, even after the date of attainment of majority by such minor child or son s minor child, as the case may be, continue to be included in the assessee s movable or immovable property for recovering any arrears due from the assessee in respect of any period prior to such date. .