Deemed transfer of converted family property treats the individual as transferring and attributing family interests to self and dependants. A new sub-section deems that when an individual member of a Hindu undivided family converts separate property into family property, the individual is treated as having transferred that converted property through the family to members for joint holding; the share attributable to the individual's family interest is treated as the individual's asset; portions received by a spouse or minor on partition are treated as indirect transfers by the individual and the property included in the individual's net wealth is excluded from the family's or dependants' net wealth.