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Wealth tax

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(Querist)
16 February 2009 If the net wealth of the parents are same amount in whose hands the minors net wealth should be included under the wealth tax act,1956.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
16 February 2009 Depending on the previous year inclusion, current year clubbing should be made. If in previous year it is included in father's wealth then current year also it should be included in father's wealth where for current year husbands wealth equals wife's wealth.

If this is for the first time the assessee has option to choose.But the same should be continued in next year if the wealth is same for husband and wife.
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