Deemed Assets – Section 4 - In Case a Partner of Firm or AOP - Wealth Tax Law & Procedure - Wealth-tax

Deemed Assets – Section 4 - In Case a Partner of Firm or AOP<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> Provision to Section 4(1) Assets of an assessee who is a partner in a firm or a member of an association of persons (not being a co-operative housing society), there shall be included, as belonging to that assessee, the value of his [interest in the assets of the firm] or association determined in the manner laid down in Schedule III : Provided that where a minor is admitted to the benefits of partnership in a firm, the value of the interest of such minor in the firm, determined in the manner specified above, shall be included in the net wealth of the parent of the minor, so far as may be, in accordance with the provisions of the third proviso to clause (a).