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of <h1>Clause 103: Assets Transferred to Spouse or Minor Child Without Adequate Consideration Included in Individual's Net Wealth</h1> Clause 103 of the Direct Taxes Code Bill, 2009, addresses the inclusion of certain assets in an individual's net wealth. It specifies that assets transferred to a spouse, minor child, or others without adequate consideration, or under revocable conditions, are deemed part of the individual's net wealth. Exceptions are made for assets acquired by a minor child from specific income sources. The clause defines conditions under which transfers are considered revocable and outlines the inclusion of assets held by cooperative societies or associations. It also states that holders of impartible estates are deemed individual owners of the properties within the estate.
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