Deemed Assets – Section 4 - In case of an Individual - General - Wealth Tax Law & Procedure - Wealth-tax

Deemed Assets – Section 4 - In case of an Individual<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 4. (1) In computing the net wealth Assets which on the valuation date are held (whether the assets are held in the form in which they were transferred or otherwise) : (i) by the spouse of such individual to whom such assets have been transferred by the individual, directly or indirectly, otherwise than for adequate consideration or in connection with an agreement to live apart, or (ii) by a minor child, not being a minor child suffering from any disability of the nature specified in section 80U of the Income-tax Act or a married daughter, of such individual, or [Assets acquired out of his income by minor child shall not be included in the wealth of parents] (iii) by a person or association of persons to whom such assets have been transferred by the individual directly or indirectly otherwise than for adequate consideration for the immediate or deferred benefit of the individual, his or her spouse, or (iv) by a person or association of persons to whom such assets have been transferred by the individual otherwise than under an irrevocable transfer, or (v) by the sons wife, 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, or (vi) by a person or association of persons 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 for the immediate or deferred benefit of the sons wife, of such individual or both, (Note: - In this chapter we have not discussed provisions related to transfer of assets before 1990)