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of <h1>Section 4: Converted or Transferred Property Deemed Individual Wealth in HUF, Not Family, for Wealth Tax Purposes.</h1> Section 4 of the Wealth Tax Law addresses deemed assets for individuals who are members of a Hindu Undivided Family (HUF). If an individual converts their separate property into family property after December 31, 1969, or transfers it to the family without adequate consideration, the property is deemed transferred to family members. For wealth tax purposes, such property is considered as belonging to the individual, not the family. If the property is partitioned, any portion received by the individual's spouse is treated as indirectly transferred to the spouse. This property is included in the individual's net wealth and excluded from the family's or spouse's net wealth.
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