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of <h1>Clause 114: Include certain asset transfers in net wealth for tax; exceptions for minors, cooperative members, and irrevocable transfers.</h1> Clause 114 of the Direct Taxes Code, 2010, outlines the inclusion of certain assets in an individual's net wealth for wealth tax purposes. 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 apply for assets acquired by a minor from their income. The clause also defines revocable transfers and specifies that members of cooperative societies or similar entities are considered owners of allotted property. Additionally, the holder of an impartible estate is deemed the owner of its properties, and irrevocable transfers are included in net wealth when revocation rights vest.
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