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of <h1>Wealth Tax Law: Section 4 mandates inclusion of partner's or minor's interest in firm's assets in net wealth calculation.</h1> Section 4 of the Wealth Tax Law addresses deemed assets concerning partners in a firm or members of an association of persons (excluding cooperative housing societies). It mandates that the value of an individual's interest in the firm's or association's assets be included in their net wealth, as determined by Schedule III. Additionally, if a minor is admitted to a partnership's benefits, the minor's interest value is included in the parent's net wealth, following the third proviso to clause (a).
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