AS PER WEALTH TAX ACT U/S. 4 WITH REGARD TO DEEMED ASSETS. IF MR.X GIFTS RS.1 CRORE TO HIS WIFE & IF SHE PURCHASES SOME JEWELERY WHOSE MARKET VALUE ON VALUATION DATE IS RS.1.5 CRORE THEN TOTAL OF RS,1.5 CRORE IS TAXABLE IN NET WEALTH OF MR.X.
SUPPOSE IN THE ABOVE SITUATION INSTEAD OF PURCHASING JEWELERY IF SHE
1) CONSTRUCTS A BUILDING?
2) INVESTS IN SOME PARTNERSHIP FIRMS?
3) PURCHASES ANY ASSET AS PER SEC 2(ea)?
IN WHOSE HANDS IT IS TAXABLE IN EACH OF THE ABOVE LISTED CASSES??
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