Deemed Assets – Section 4 - In case a person is allowed to take or retain possession or acquires any right - Wealth Tax Law & Procedure - Wealth-tax

Deemed Assets – Section 4 - In case a person is allowed to take or retain possession or acquires any right<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 4 (8) A person (a) who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882) ; (b) who acquires any rights (excluding any rights by way of a lease from month to month or for a period not exceeding one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269UA of the Income-tax Act, 1961 (43 of 1961), shall be deemed to be the owner of that building or part thereof and the value of such building or part shall be included in computing the net wealth of such person.