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of <h1>Wealth Tax Law: Gifts via Book Entries Count as Deemed Assets under Section 4, Must Prove Actual Delivery to Exclude</h1> Deemed assets under Section 4 of the Wealth Tax Law address gifts made through book entries. If a person gifts money to another by recording it in their books of account, the gift's value is included in the net wealth of the giver. This applies to individuals, Hindu undivided families, firms, or associations with whom the giver has a business or other relationship. To exclude it from net wealth, the giver must prove to the Assessing Officer that the money was actually delivered at the time the entries were made.
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