Wealth tax

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SACHET RADHARAMAN KHANDELWAL (Querist)
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07 February 2012 under deemed asset as per wealth tax when a husband transfers an asset without adequate consideration to his wife then it will be treated as the deemed asset of the transferer even if it is through a gift ,but as per income tax it is exempted as it is a gift given to a relative,so why it is taxed under welth tax.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 February 2012 WEALTH TAX ACT AND INCOME TAX ACT, BOTH HAVE A SIMILAR PROVISION IN A CASE WHERE THE ASSET TRANSFERRED IS A .

WT ACT TALKS ABOUT WEALTH, WHEREAS IT TALKS ABOUT INCOME.

IN INCOME TAX ALSO, INCOME FROM ASSET TRANSFERRED WITHOUT ADEQUATE CONSIDERATION
IS TAXABLE IN THE HANDS OF THE TRANSFERER.
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