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Wealth tax act 1956.

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 September 2013 A minor child has accumulated wealth of Rs. 20 Lakh over few year which he has earned by special talent, the same was held in the form of shares by his father. The share were sold in 2013-14 resulting in capital gain of Rs.15 Lakh (that means Sales consideration Rs.35 Lakh).

If plot of Land (Urban Land) is Purchase from the proceed of shares i.e. Rs.35 Lakh then will the clubbing provisions be apply as per section 4 of Wealth Tax Act,1956 to the amount of Rs.15 Lakh which was not earned by minor child but accreted to the asset i.e. shares ?
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Sandip R Lathiya

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Sandip R Lathiya (Expert)
08 September 2013 Yes hoga 15 lakh hi.
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