https://www.taxtmi.com/acts?id=50917 Amendment clarifies that assets held on the valuation date are included in computing net wealth. Clause (b) is replaced to require inclusion of a partner's or AOP member's interest in the assessee's net wealth valued as per Schedule III. A minor's partnership interest is to be included in the net wealth of the parent with the greater net wealth (excluding the minor's interest), and once included for any year shall not be included in the other parent for succeeding years unless the Assessing Officer, after hearing that parent, is satisfied it should be reallocated. Subsection (2) of section 4 is omitted. en-us Wed, 16 Apr 2025 18:14:08 +0530 Thu, 17 Apr 2025 13:17:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50917 Amendment clarifies that assets held on the valuation date are included in computing net wealth. Clause (b) is replaced to require inclusion of a partner's or AOP member's interest in the assessee's net wealth valued as per Schedule III. A minor's partnership interest is to be included in the net wealth of the parent with the greater net wealth (excluding the minor's interest), and once included for any year shall not be included in the other parent for succeeding years unless the Assessing Officer, after hearing that parent, is satisfied it should be reallocated. Subsection (2) of section 4 is omitted. Act-Rules F. Acts / Amendment Acts Wed, 16 Apr 2025 18:14:08 +0530 https://www.taxtmi.com/acts?id=50917