TMI BlogNet wealth to include certain assetsX X X X Extracts X X X X X X X X Extracts X X X X ..... by a person or association of persons to whom such assets have been transferred by the individual otherwise than under an irrevocable transfer, 7 [or] 8 [( v ) by the sons wife, 9 [***] 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,] 10 [or] 11 [ ( 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, 12 [***] of such individual or both,] whether the assets referred to in any of the sub-clauses aforesaid are held in the form in which they were transferred or otherwise : 13 [Provided that where the transfer of such assets or any part thereof is either chargeable to gift-tax under the Gift-tax Act, 1958 (18 of 1958), or is not chargeable under section 5 of that Act, for any assessment year commencing after the 31st day of March, 1964, 14 [but before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mily through the act of impressing such separate property with the character of property belonging to the family or throwing it 20 [ into the common stock of the family or been transferred by the individual, directly or indirectly, to the family otherwise than for adequate consideration (the property so converted or transferred being hereinafter referred to as the converted property) ] , then, notwithstanding anything contained in any other provision of this Act or in any other law for the time being in force, for the purpose of computing the net wealth of the individual under this Act for any assessment year commencing on or after the 1st day of April, 1972, ( a ) the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly ; ( b ) the converted property or any part thereof 21 [***] shall be deemed to be assets belonging to the individual and not to the family ; 22 [( 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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e shall be deemed to be the individual owner of all the properties comprised in the estate.] 32 [(7) Where the assessee is a member of a co-operative society, company or other association of persons and a building or part thereof is allotted or leased to him under a house building scheme of the society, company or association, as the case may be, the assessee shall, notwithstanding anything contained in this Act or any other law for the time being in force, be deemed to be the owner of such building or part and the value of such building or part, shall be included in computing the net wealth of the assessee; and, in determining the value of such building or part, the value of any outstanding instalments of the amount payable under such scheme by the assessee to the society, company or association towards the cost of such building or part and the land appurtenant thereto shall, whether the amount so payable is described as such or in any other manner in such scheme, be deducted as a debt owed by him in relation to such building or part. (8) A person- ( a ) who is allowed to take or retain possession of any building or part thereof in part perfo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent) Act, 1964, w.e.f. 1-4-1965. 3. Inserted vide Finance Act, 1994, w.e.f. 1-4-1995. 4. Omitted vide Finance Act, 1992, w.e.f. 1-4-1993., before it was read as:- to whom such assets have been transferred by the individual, directly or indirectly, otherwise than for adequate consideration , 5. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 6. Omitted vide the Finance Act, 1992, w.e.f. 1-4-1993., before it was read as:- or minor child (not being a married daughter) or both 7. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 8. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 9. Omitted vide the Finance Act, 1992, w.e.f. 1-4-1993., before it was read as:- or the son s minor child 10. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. 11. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. 12. Omitted vide the Finance Act, 1992, w.e.f. 1-4-1993., before it was read as:- or the son s minor child 13. Inserted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 14. Inserted vide Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. 15. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time being in force relating to the manner in which accounts are to be settled between partners of a firm and members of an association on the dissolution of a firm or association, as the case may be. 27. before it omission, sub-section (3) as amended by vide the Finance Act, 1975, w.e.f. 1-4-1975 and the Finance Act, 1979, w.e.f. 1-4-1980, read as under: (3) Where the value of any assets is to be included in the net wealth of an assessee in accordance with clause (a) of sub-section (1) or sub-section (1A),- (a) there shall be deducted from such value any debts owing on the valuation date by the transferee mentioned in that clause insofar as such debts are referable to such assets; and (b) the provisions of section 5 shall apply in relation to such assets as if such assets were assets belonging to the assessee. 28. Inserted vide Finance Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963. 29. Inserted vide Taxation Laws (amendment) Act, 1975, w.e.f. 1-4-1976. 30. Substituted vide Direct Tax Laws (Amendment) Act, 1964, w.e.f. 1-4-1965., before it was read as:- Wealth-tax Officer 31. Substituted vide Wealth-tax (Amendment ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
