Meaning of living apart
This query is : Resolved
Guest
Guest
(Querist)
22 December 2011
Under Sec 4(1) "Deemed Assets", the assets is deemed to be of transferor if transfered for inadequate consideration to live apart...
Does live apart means divorce???
Does live apart means divorce???
Aditya Maheshwari
(Expert)
22 December 2011
yes live apart is divorce.
Guest
Guest
(Querist)
22 December 2011
Then normally on divorce, assets are transfered for inadequate consideration. This results in regualar payment of wealth tax by husband for the assets transfered to his wife. OR it will be irrevocable transfer...???
Aditya Maheshwari
(Expert)
23 December 2011
No i think some words are wronglly worded and quoted here
The section i think reads as For inadequate consideration except for a consideration to leave apart.
SO if assets transferred at the time of divorce it is considered as adequate consideration.
The section i think reads as For inadequate consideration except for a consideration to leave apart.
SO if assets transferred at the time of divorce it is considered as adequate consideration.
Guest
Guest
(Querist)
23 December 2011
Thank You..
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