Income-tax Act; (c) "assessee" means a person by whom wealth-tax or any other sum of 3[(j) "Income-tax Act" means the Income-tax Act, (43 of );. (1) This Act may be called the Wealth-tax Act, (2) It extends to .. 8[(j) “ Income-tax Act” means the Income-tax Act, (43 of );]. 9*. can gain knowledge on various provisions of Wealth Tax Act, Here, it . , it shall be included in the net wealth of a person who acquires any rights in.
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(1) This Act may be called the Wealth-Tax Act, 2 [(c) “assessee” means a person by whom wealth-tax or any other sum of money is payable under . assigned to it in clause (17) of section 2 of the Income-tax Act, , (43 of );]. Income-Tax Act (). Beside the above persons, who have been specifically excluded from the purview of wealth-tax, other categories of. AN ACT TO CHARGE AND IMPOSE ON CERTAIN WEALTH A DUTY OF INLAND REVENUE TO BE KNOWN AS WEALTH TAX, TO AMEND THE LAW.
He can also take evidence of an assessee on oath as per Section 37 1.
The Chief Commissioner has the power to search and seizure under Section 37 A and to requisition books of account under Section 37 B. Where there is no Chief Commissioner the powers of Chief Commissioner are enjoyed by the Commissioner, as may be notified.
Clubbing of Wealth The provisions for clubbing the wealth of one person in the hands of another are contained in Section 4 of the Wealth Tax Act. It is provided in Section 4 1 a that in computing the net wealth of an individual, the value of assets on the valuation date held by the following persons are to be included, as belonging to that person: i by the spouse of such individual to whom they have been gifted, i.
It is also provided in the section that this clubbing provision is applied whether the assets are held in the form in which they were transferred or otherwise. Assets are held in the form in which they were transferred or otherwise.
Where a minor child acquires assets out of this income referred to in proviso to Section 64 IA OF THE Income Tax Act, namely, by exercise of his manual labour or by exercise of his skill, knowledge and experience than the clubbing provision would not apply in respect of the value of such assets.
As regards, the clubbing provision applicable in the case of wealth of a minor child, it is provided that the same is to be included in computing the net wealth of the father or mother, whose net wealth including the assets of the minor so includible is greater. Normally, where any such assets are once included in the net wealth of any of the parent in the succeeding year unless the Assessing Officer is satisfied after giving the parent an opportunity of being heard that it is necessary so to do.
Section 4 1 b of the Wealth Tax Act provides that in computing the wealth of an assessee who is a partner in a firm or a member of an association of persons, i. Where a minor is admitted to the minor as per the provisions mentioned above.
The Finance Act, has amended Section 4 1 a ii with effect from the Assessment Year that the wealth of a minor child who is suffering from any disability as is mentioned in Section U of the I. As regards the conversion of the individual property into the hotchpotch of Hindu undivided family, by an individual after It is also mentioned in Section 4 5 that the value of any assets transferred under an irrevocable transfer would be liable for inclusion in computing the net wealth of the transfer as and when the power to revoke arises to him.
Regarding the gift of money by book entries, the provisions of clubbing are mentioned in Section 4 5A which provides that where a gift of money from one person to another is made by means of entries in the books of account maintained by a person making the gift or by an individual or Hindu undivided family or a firm or an association or body of individuals with whom or with which he has business or other relationship, the value of such gift would be liable to be unless he proves to the satisfaction of the Assessing Officer that the money has actually been delivered to other person at the time the entries were made.
As regards the assessee who is a member of an Association of Persons, being a Cooperative Housing Society, the rules of clubbing, etc. Thus, it is provided that where an assessee is a member of AOP being a Cooperative Housing Society and a building or a part thereof is allotted or leased to him under a house building society, the assessee would be deemed to be the owner of such building or part, and value of such building or part would be included in computing the net wealth of the assessee.
From the A Assessment Year till it is not regarded as nonproductive asset and is, therefore, completely exempt from wealth tax without any monetary limit. However, for the A. The Finance No. Relief in certain cases. Overpayment of tax. Appeals in relation to value of real property.
Appeals in other cases. Recovery of tax.
Evidence in proceedings for recovery of tax. Agreements for relief from double taxation. Loss of documents.
Extension of certain Acts. Care and management. Short title. Acts Referred to.
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