31 May 2008
As per wealth tax act Sec 4.Net wealth to include certain assets.
(1) In computing the net wealth---
(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) -------- (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 ----- Kindly clarify , if minor holds land or building whether the same is exempted u/s 5(vi) in addition to land or building owned by the individual.
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