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of <h1>Section 4 of Wealth Tax Act 1957: Rules on Asset Inclusion for Net Wealth Calculation, Spousal Transfers, and Irrevocable Transfers.</h1> The Wealth Tax Act, 1957, Section 4 outlines the inclusion of certain assets in computing an individual's net wealth. Assets transferred to a spouse, minor children, or others without adequate consideration are included in the individual's net wealth. Assets transferred before April 1, 1956, or under specific conditions, are excluded. The section also addresses assets held by partners in firms or members of associations and stipulates conditions for assets transferred to Hindu undivided families. It includes provisions for irrevocable transfers and defines ownership for tax purposes, including rights acquired through certain transactions and membership in cooperative societies.
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