TaxTMI 
TaxTMI 
Net wealth to include certain assets
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....or association of persons to whom such assets have been transferred by the individual ^5[directly or indirectly] otherwise than for adequate consideration for the immediate or deferred benefit of the individual, his or her spouse ^6[***], or] (iv) by a person or association of persons to whom such assets have been transferred by the individual otherwise than under an irrevocable transfer, ^7[or] ^8[(v) by the sons wife, ^9[***] of such individual, to whom such assets have been transferred by the individual, directly or indirectly, on or after the 1st day of June, 1973, otherwise than for adequate consideration,] ^10[or] ^11[(vi) by a person or association of persons to whom such assets have been transferred by the individual, directly or indirectly, on or after the 1st day of June, 1973, otherwise than for adequate consideration for the immediate or deferred benefit of the sons wife, ^12[***] of such i....
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....ve housing society), there shall be included, as belonging to that assessee, the value of his ^17[interest in the assets of the firm] or association determined in the manner laid down in Schedule III: ^18[Provided that where a minor is admitted to the benefits of partnership in a firm, the value of the interest of such minor in the firm, determined in the manner specified above, shall be included in the net wealth of the parent of the minor, so far as may be, in accordance with the provisions of the third proviso to clause (a).] ^19[(1A)Where, in the case of an individual being a member of a Hindu undivided family, any property having been the separate property of the individual has, at any time after the 31st day of December, 1969, been converted by the individual into property belonging to the family through the act of impressing such separate property with the character of property belonging to the family or throwing it ^20[into the common stock o....
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...., nothing contained in clause (a) of sub-section (1) shall apply to any such transfer as is referred to therein made before the 1st day of April, 1963, by an individual who but for the extension of this Act to the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry, would not have been an assessee, and the value of any assets so transferred shall not be included in the computation of his net wealth.] (5) The value of any assets transferred under an irrevocable transfer shall be liable to be included in computing the net wealth of the transferor as and when the power to revoke arises to him. ^29[(5A) Where a gift of money from one person to another is made by means of entries in the books of account maintained by the person making the gift or by an individual or a Hindu undivided family or a firm or an association of persons or body of individuals with whom or which he has business or other relationship, the value of such gift shall be liable to be included in computing the net wealth of the person making the gift unless he proves to the satisfaction of the ^30[Assessing Officer] that the mone....
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....bsp; ^35[(aa) the expression child includes a step-child and an adopted child;] ^36[(b) the expression irrevocable transfer includes a transfer of assets which, by the terms of the instrument effecting it, is not revocable for a period exceeding six years or during the lifetime of the transferee, and under which the transferor derives no direct or indirect benefit, but does not include a transfer of assets if such instrument (i) contains any provision for the retransfer, directly or indirectly, of the whole or any part of the assets or income therefrom to the transferor, or (ii) in any way gives the transferor a right to reassume power, directly or indirectly, over the whole or any part of the assets or income therefrom] ; ^37[and] ^38[(c) the expression property includes any interest in any property, movable or immo....
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....1992, w.e.f. 1-4-1993., before it was read as:- "interest in the firm" 18. Substituted vide the Finance Act, 1992, w.e.f. 1-4-1993., before it was read as:- "Provided that where a minor is admitted to the benefits of partnership in a firm, the value of the interest of such minor in the firm, determined in the manner specified above, shall be included in the net wealth of that parent of the minor whose net wealth (excluding the interest of minor in the firm referred to in this clause) is greater; and where any such interest is once included in the net wealth of either parent for any assessment year, any such interest in any succeeding year shall not be included in the net wealth of the other parent unless the Assessing Officer is satisfied, after giving that parent an opportunity of being heard, that it is necessary so to do." 19. Inserted vide Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. 20. Substituted for "into the common stock of the family (such property being hereinafter referred to as the converted property)" by the Finance Act, 1979, w.e.f. 1-4-1980. 21. Omitted vide the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976., before it was read as:- "insofar ....