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of <h1>Amendment to Wealth-tax Act: Section 4 now includes transfers to son's wife or minor child in wealth tax assessments.</h1> Section 4 of the Wealth-tax Act, 1957, has been amended to include a new sub-clause (vi) in sub-section (1), clause (a). This addition specifies that assets transferred by an individual to a person or association of persons, directly or indirectly, on or after June 1, 1973, without adequate consideration for the benefit of the individual's son's wife or minor child, will be considered under this clause. The amendment ensures that such transfers are accounted for in the assessment of wealth tax liabilities.
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