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wealth tax

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(Querist)
31 August 2008 1. mr.x transferred an asset to mrs.x for inadequate consideration so wealth tax is taxable in hands of mr.x
2. mrs.x purchased gold with the sale proceeds of asset in second year.
gold is taxable in whose hands

3. mrs.x purchased guest house out of sale proceeds of above gold in third year
guest house is taxable in whose hands
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
31 August 2008 Clarity lacking. 1.X Transferred asset, Mrs x purchaed gold with his money. Are you saying the asset transferred is cash?
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saritha

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saritha (Querist)
31 August 2008 mr.x transferred asset
mrs.x sold that asset and used that sale proceeds to purchase gold
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