|
Description of Assets |
Exclusion from
clubbing |
Clubbed with |
|
i) |
Assets transferred by individual to spouse
for inadequate consideration. |
i) |
Assets transferred in connection with an
agreement to live apart |
|
Net Wealth of Individual |
|
|
|
ii) |
No husband-wife relationship at time of
transfer as well as on valuation date |
|
|
|
ii) |
Assets transferred by individual for immediate or deferred benefits of
individual or spouse to other persons or Association of person for
inadequate consideration. |
|
No husband-wife relationship at time of transfer as well as on valuation
date |
|
Net Wealth of Individual |
|
iii) |
Assets held by minor child |
i) |
Assets held by Minor Married Daughter
|
|
Net Wealth of parent whose net wealth is
higher, if marriage subsists or else in hands of the parent who
maintains minor child. |
|
|
|
ii) |
Assets acquired out of Minor’s Income as referred to in proviso to S.
64(1A) |
|
|
|
|
|
iii) |
Minor attains on or majority before valuation date |
|
|
|
|
|
iv) |
Assets held by a physically or mentally handicapped
minor child |
|
|
|
iv) |
Assets transferred by Individual under Revocable Transfer to other
persons or A.O.Ps |
|
Assets transferred under Irrevocable Transfer |
|
Net Wealth of Individual |
|
|
|
|
|
|
|
|
v) |
Assets transferred by Individual to son’s wife for inadequate
consideration. |
i) |
No father-in-law / mother-in-law / daughter-in-law relationship at time
of transfer as well as on valuation date |
|
Net Wealth of Individual |
|
|
|
ii) |
Assets transferred prior to 1-6-1973 |
|
|
|
vi) |
Assets transferred by Individual for immediate or deferred benefits of
individual or son’s wife or both to other persons or A.O.Ps for
inadequate consideration. |
i) |
No father-in-law / mother-in-law / daughter-in- law relationship at time
of transfer as well as on valuation date |
|
Net Wealth of Individual |
|
|
|
ii) |
Assets transfered prior to 1-6-1973 |
|
|
