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of <h1>Rule 2 of Wealth Tax Rules, 1957, Omitted: Method for Valuing Partnership Interests Explained</h1> The omitted Rule 2 of the Wealth Tax Rules, 1957, previously detailed the method for valuing a person's interest in a partnership or association. The process involved determining the net wealth of the firm or association and allocating it among partners or members based on their capital contributions and agreements regarding asset distribution upon dissolution. If no agreement existed, allocation followed profit-sharing proportions. For assets located outside India, interest value was adjusted based on the proportion of Indian assets. Additionally, the rule addressed assets under section 5(2) of the Act, ensuring partners' interests included their share of such assets.
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