wealth tax
This query is : Resolved
27 December 2010
Karan made a gift to Sujata during their engagement which took place on 15th May, 2008. After their marriage which was held on 15th June, 2008, they decided to live apart owing to some reasons and they obtained a legal divorce on 15th September, 2008. Whether transfer made on 15th May, 2008 be included for wealth–tax purposes in the hands of Karan ?
28 December 2010
Dear Prabhu
Irrespective of being lived apart gift made by karan to sujata will not be included in the hands of karan for the purpose of wealth tax purpose, as gift is given prior to marriage. As wealth tax act specifies transfer made to spouse. During the time of engagement karan and sujata are not considered as spouse.
This gift will be included in the hands of sujata only.
Note: Asset gifted should be Asset as specified u/s 2(ea) of wealth tax act.
Irrespective of being lived apart gift made by karan to sujata will not be included in the hands of karan for the purpose of wealth tax purpose, as gift is given prior to marriage. As wealth tax act specifies transfer made to spouse. During the time of engagement karan and sujata are not considered as spouse.
This gift will be included in the hands of sujata only.
Note: Asset gifted should be Asset as specified u/s 2(ea) of wealth tax act.
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