What is meant by net wealth and state the assets that are not included in the net wealth of an assessee?
Answers
(a) of an individual, there shall be included, as belonging to that individual, the value of assets which on the valuation date are held—]
[(i) by the spouse of such individual to whom such assets have been transferred by the individual, directly or indirectly, otherwise than for adequate consideration or in connection with an agreement to live apart, or
(ii) by a minor child, not being [a minor child suffering from any disability of the nature specified in section 80U of the Income-tax Act or] a married daughter, of such individual, [***] or
(iii) by a person or association of persons to whom such assets have been transferred by the individual [directly or indirectly] otherwise than for adequate consideration for the immediate or deferred benefit of the individual, his or her spouse [***], or]
(iv) by a person or association of persons to whom such assets have been transferred by the individual otherwise than under an irrevocable transfer, [or]
[(v) by the son's wife, [***] of such individual, to whom such assets have been transferred by the individual, directly or indirectly, on or after the 1st day of June, 1973, otherwise than for adequate consideration,] [or]
[(vi) by a person or association of persons to whom such assets have been transferred by the individual, directly or indirectly, on or after the 1st day of June, 1973, otherwise than for adequate consideration for the immediate or deferred benefit of the son's wife, [***] of such individual or both,]