https://www.taxtmi.com/caselaws?id=25115 Section 4(1)(a) of the Wealth-tax Act treats assets transferred to a spouse without adequate consideration as belonging to the transferor, but the proviso excludes such assets where the transfer is chargeable to gift-tax or not chargeable under section 5 of the Gift-tax Act for assessment years commencing after 31 March 1964 and before 1 April 1972. The key construction point is that the temporal words qualify the gift-tax chargeability or exemption condition, not wealth-tax assessments alone. On that reading, a spouse-transfer falling within the specified period is not includible in the donor's net wealth. en-us Tue, 14 Apr 1987 00:00:00 +0530 Mon, 25 Jan 2010 14:12:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25115 Section 4(1)(a) of the Wealth-tax Act treats assets transferred to a spouse without adequate consideration as belonging to the transferor, but the proviso excludes such assets where the transfer is chargeable to gift-tax or not chargeable under section 5 of the Gift-tax Act for assessment years commencing after 31 March 1964 and before 1 April 1972. The key construction point is that the temporal words qualify the gift-tax chargeability or exemption condition, not wealth-tax assessments alone. On that reading, a spouse-transfer falling within the specified period is not includible in the donor's net wealth. Case-Laws Wealth-tax Tue, 14 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25115