Wealth tax liability on purchase & then gifted


02 April 2012 Respected Experts,

I need your opinion on following issue:

If a woman purchased jewellery and then gifted the said jewellery to her minor grandsons, what will be the effect of this transaction -
1. will it be included in the net wealth of the woman (i.e. grand mother) while computing the Net Wealth Tax Liability?
OR
2. Will it be included in the daughter-in-law of the woman?
3. What documents will be required to maintain?

10 April 2012 Very strange, No responce from any expert!



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