Deemed transfer of converted property treats converted separate assets as individual's assets and excludes them from family net wealth. When a family member converts separate property into family property or transfers it to the family without adequate consideration, the property is deemed to have transferred by the individual through the family to members for joint holding and is deemed to be assets belonging to the individual for computing his net wealth. If partition results in the spouse receiving part, that portion is treated as indirectly transferred to the spouse and the same deeming applies, with the property excluded from the family's or spouse's net wealth once included in 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 transfer of converted property treats converted separate assets as individual's assets and excludes them from family net wealth.
When a family member converts separate property into family property or transfers it to the family without adequate consideration, the property is deemed to have transferred by the individual through the family to members for joint holding and is deemed to be assets belonging to the individual for computing his net wealth. If partition results in the spouse receiving part, that portion is treated as indirectly transferred to the spouse and the same deeming applies, with the property excluded from the family's or spouse's net wealth once included in the individual's net wealth.
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