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of <h1>Section 33 of Wealth Tax Act: Transferees Liable for Tax on Transferred Assets, Joint Responsibility in Case of Joint Ownership.</h1> Section 33 of the Wealth Tax Act, 1957 addresses the liability of transferees of properties. When assets are transferred to individuals specified in Section 4, the value of these assets must be included in the individual's net wealth. The person in whose name the assets are registered is liable to pay the portion of the tax corresponding to the asset's value upon receiving a notice from the Assessing Officer. If assets are jointly held, all parties are jointly and severally responsible for the tax. Failure to pay makes the person a defaulter, subject to recovery provisions under the Act.
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