Deduction of transferee debts limits assets included in net wealth, and section 5 valuation rules apply as if owned by assessee. Where assets are included in an assessee's net wealth under clause (a) of sub-section (1), deduct from that value debts owing on the valuation date by the ... Summary
Deduction of transferee debts limits assets included in net wealth, and section 5 valuation rules apply as if owned by assessee.
Where assets are included in an assessee's net wealth under clause (a) of sub-section (1), deduct from that value debts owing on the valuation date by the transferee to the extent referable to those assets, and apply the statute's valuation provision as if the assets belonged to the assessee.
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