Section 82 - Amendment of section 4 - Taxation Laws (Amendment) Act, 1975

CHAPTER III AMENDMENTS TO THE WEALTH-TAX ACT, 1957 82. Amendment of section 4. In section 4 of the Wealth-tax Act, 1957 (27 of 1957) (hereafter in this Chapter referred to as the Wealth-tax Act), (i) clause (a) of sub-section (1), (a) in sub-clause (iii), after the words by the individual , the words , directly or indirectly, shall be inserted; (b) in sub-clause (iv), the word or shall be inserted at the end and after that sub-clause, the following sub-clause shall be inserted, namely: (v) by the son s-wife, or the son s minor child, of such ;individual, to whom such assets have been transferred by the individual, directly or indirectly, on or after the 1st day of June, 1973, otherwise than for adequate consideration, ; (ii) in sub-section (1A), (a) in clause (b), the words , in so far as it is attributable to the interest of the individual in the property of the family, shall be omitted; (b) for clause (c), the following clause shall be substituted, namely: (c) where the converted property has been the subject-matter of a partition (whether partial or total) amongst the members of the family, the converted property or any part thereof which is received by the spouse or minor child of the individual on such partition shall be deemed to be assets transferred indirectly by the individual to the spouse or minor child and the provisions of sub-section (1)shall, so, far as may be, apply accordingly: ; (iii) after subjection (5), the following, subjection shall be inserted, namely; (5A) Where a gift of money from one person, to another is made by means of entries in the books of account maintained by the person making the gift or by an individual or a Hindu undivided family or a firm or an association of persons or body of individuals with whom or which he has business of other relationship, the value of such gift shall be liable to be included in computing the net wealth of the person making the gift unless he proves to the satisfaction of the Wealth-tax Officer that the money has actually been delivered to the other person at the time the entries were made. ; (iv) in the Explanation, (a) after clause (a), the following clause shall be inserted, namely: (aa) the expression child includes a step-child and an adopted child; ; (b) in clause (b), the word and shall be inserted at the end; (c) in clause (c), the word and occurring at the end shall be omitted; (d) clause (d) shall be omitted.