TaxTMI 
TaxTMI 
Assessment when assets are held by courts of wards, administrators-general, etc.
X X X X Extracts X X X X
X X X X Extracts X X X X
.... in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), the wealth-tax shall be levied upon and recoverable from the court of wards, administrator-general, official trustee, receiver, manager or trustee, as the case may be, in the like manner and to the same extent as it would be leviable upon and recoverable from the person on whose behalf ^2[or for whose benefit] the assets are held, and the provisions of this Act shall apply accordingly. ^3[Explanation.-A trust which is not declared by a duly executed instrument in writing (including a valid deed of wakf) shall be deemed, for the purposes of this sub-section, to be a trust de­clared by a duly executed instrument in ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....or (ii) at the rate of three per cent, whichever course would be more beneficial to the revenue.] (2) Nothing contained in sub-section (1) shall prevent either the direct assessment of the person on whose behalf ^6[or for whose benefit] the assets above referred to are held, or the recovery from such person of the tax payable in respect of such assets. (3) Where the guardian or trustee of any person being a minor, lunatic or idiot ^7[***] holds any assets on behalf ^8[or for the benefit] of such beneficiary, the tax under this Act shall be levied upon and recoverable from such guardian or trustee, as th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....iciaries has net wealth exceeding the amount not chargeable to wealth-tax in the case of an individual who is a citizen of India and resident in India for the purposes of this Act or is a beneficiary under any other trust ; or] (ii) such assets are held under a trust created before the 1st day of March, 1970, by a non-testamentary instrument and the ^17[Assessing Officer] is satisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settlor or where the settlor is a Hindu undivided family, exclusively for the benefit of the members of such family, in circumstances....
X X X X Extracts X X X X
X X X X Extracts X X X X
....;of sub-section (1) of that section shall not be excluded.] ^24[(4A) Notwithstanding anything contained in this section, where the assets chargeable to tax under this Act are held by a trustee under an oral trust, the wealth-tax shall be levied upon and recovered from such trustee in the like manner and to the same extent as it would be leviable upon and recoverable from an individual who is a citizen of India and resident in India for the purposes of this Act, and- (a) at the rates specified in Part I of Schedule I ; or (b) at the rate of three per cent, whichever course....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 4. Substituted vide the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Before it was read as:- "Wealth-tax Officer" 5. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1980. 6. Inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f.1-4-1965. 7. Omitted vide the Wealth-tax (Amendment) Act, 1964, w.e.f.1-4-1965., before it was read as:- '(all of which persons are hereinafter in this sub-section included in the term "beneficiary")' 8. Inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f.1-4-1965. 9. Substituted vide the Finance Act, 1970, w.e.f. 1-4-1971. Before, it was amended by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 10. Inserted by the Finance Act, 1981, w.e.f. 1-4-1981. 11. Substitute....