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Citedby 13 docs - [View All]
Shantha Balachander And S.B.S. ... vs First Wealth-Tax Officer on 8 October, 1987
Commissioner Of Wealth-Tax vs B.T. Agrawal on 19 April, 1984
Commissioner Of ... vs Kapil Mohan on 30 May, 2001
B.K. Taparia vs Wealth-Tax Officer on 22 October, 1986
K.V. Iyer vs Commissioner Of Income-Tax on 10 November, 1994

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wealth tax act
child
wealth tax
sec. 4
"both were minor"
[Section 4] [Complete Act]
Central Government Act
Section 4(1A) in The Wealth- Tax Act, 1957
(1A) 3[ 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
1. Ins. by Act 46 of 1964, s. 4 (w. e. f. 1- 4- 1965 ). 2 Subs. by Act 32 of 1971, s. 31, for certain words (w. e. f. 1- 4- 1972 ). 3 Ins. by s. 31, ibid. (w. e. f. 1- 4- 1972 ).
throwing it into the common stock of the family (such property being hereinafter referred to as the converted property), then, notwithstanding anything contained in any other provision of this Act or in any other law for the time being in force, for the purpose of computing the net wealth of the individual under this Act for any assessment year commencing on or after the 1st day of April, 1972 ,--
(a) the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly;
(b) the converted property or any part thereof, in so far as it is attributable to the interest of the individual in the property of the family, shall be deemed to be assets belonging to the individual and not to the family;
(c) any part of the converted property in so far as it is attributable to the interest of the spouse or any minor child of the individual in the property of the family and where there is a partition (partial or total) amongst the members of the family, the converted property or any part thereof which is received by the spouse or minor child on such partition shall be deemed to be assets transferred indirectly by the individual to the spouse or minor child and the provisions of sub- section (1) shall, so far as may be, apply accordingly: Provided that the property referred to in clause (b) or clause (c) shall, on being included in the net wealth of the individual, be excluded from the net wealth of the family or, as the case may be, the spouse or minor child of the individual.]