Meaning of living apart

This query is : Resolved

Guest

Guest (Querist)

22 December 2011 Under Sec 4(1) "Deemed Assets", the assets is deemed to be of transferor if transfered for inadequate consideration to live apart...
Does live apart means divorce???

Aditya Maheshwari

Aditya Maheshwari (Expert)
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22 December 2011 yes live apart is divorce.

Guest

Guest (Querist)

22 December 2011 Then normally on divorce, assets are transfered for inadequate consideration. This results in regualar payment of wealth tax by husband for the assets transfered to his wife. OR it will be irrevocable transfer...???

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 December 2011 No i think some words are wronglly worded and quoted here

The section i think reads as For inadequate consideration except for a consideration to leave apart.

SO if assets transferred at the time of divorce it is considered as adequate consideration.

Guest

Guest (Querist)

23 December 2011 Thank You..