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of <h1>Amendment to Section 4 of Wealth-tax Act, 1957, revises wealth assessment rules for family property and housing society members.</h1> The amendment to Section 4 of the Wealth-tax Act, 1957, effective April 1, 1972, modifies provisions related to wealth assessment. It specifies that property converted by an individual into family property is considered transferred to family members, impacting the individual's net wealth calculation. It also addresses the treatment of property interests of spouses and minor children upon family partition. Additionally, it clarifies that members of cooperative housing societies are deemed owners of allotted buildings for wealth computation, with outstanding instalments deductible as debts. The definition of 'property' and interests in family property is expanded for assessment purposes.
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