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wealth tax

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shiji.b.s

shiji.b.s (Querist)

29 January 2008 In wealth tax subject in the portion of Assets and Liability, under the section of deemed assest the third and the fourth rule says that, "Assets transfered to son's wife" and "Assets transfered to some other person for the benefit of son's wife" will not allowed by the rule. My question is that, why the rule says like that this is not possible on the transfer to the son's wife?

shiji.b.s

shiji.b.s (Querist)

29 January 2008 pls anser me

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

30 January 2008 u/s 4(1)(a) of the wealth tax act Assets
transferred to sons wife are deemed assets and liable to wealth tax act so if you transferred assets to sons wife is added in your wealth & if you trasferred assets to some one whether you are taken any benefit that also is taxable in you hads.Trasfers where the transferor continues to drive the benifit from the asssets,directly or indirectly

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