Deemed asset transfers by individuals attract inclusion in net wealth when made otherwise than for adequate consideration. Deemed assets are assets transferred by an individual and held on the valuation date by related persons-such as a spouse, minor child (excluding assets of the minor's own income), married daughter, son's wife, or by persons holding assets for the immediate or deferred benefit of the individual or spouse-when the transfers were made otherwise than for adequate consideration or not under an irrevocable transfer; such assets are included in computing the individual's net wealth.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed asset transfers by individuals attract inclusion in net wealth when made otherwise than for adequate consideration.
Deemed assets are assets transferred by an individual and held on the valuation date by related persons-such as a spouse, minor child (excluding assets of the minor's own income), married daughter, son's wife, or by persons holding assets for the immediate or deferred benefit of the individual or spouse-when the transfers were made otherwise than for adequate consideration or not under an irrevocable transfer; such assets are included in computing the individual's net wealth.
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