WEALTH TAX Clubbing provisions if any?

Deemed Assets : Sec. 4

a)	The value of assets mentioned below shall be clubbed as provided hereinunder :
	Descripttion 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 majority on 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
	Note : Any accretion to the transferred assets or accumulated income of the transferred assets will not attract the clubbing provisions.
b)	Assets transferred/converted by individual into joint family property.		i)	Assets transferred for adequate consideration	i) Net Wealth of Individual
			ii)	Conversion or gifts effected prior to 31.12.69	ii) On Subsequent Partition of HUF — Share of spouse in converted property to be included in net wealth of individual.
c)	Gifts by book entries		Money actually delivered at time of entry.		Net Wealth of Individual
d)	Value of House/part thereof leased/allotted to Individual by Co-op. Society net of outstanding Installment payable to Society.		None		Net Wealth of Individual
e)	Possession of building taken/retained in part performance of contract (S. 53A of the Transfer of Property Act) or right with respect to building acquired by transaction u/s. 269UA(f) of I.T. Act.		None		Net Wealth of Individual
f)	Holders of Impartial Asset Estate		None		Net Wealth of Individual

Specific Exemptions — Section 5

Any assets held by public charitable/religious trusts. Exemption however lost and trust property liable to tax in case of diversion of income/property of trust to specified persons or in case of investment in unapproved securities.
Interest of a member in a HUF property,
Any one building used for the residence by a former ruler,
Any heirloom jewellery in the possession of a Ruler,
Assets brought within 1 year prior to return/at any time after return into India by a returning NRI for 7 successive A.Ys. after return to India. Balance in N.R.E. a/c on date of return and assets purchased therefrom also exempt.
One house or part of a house (effective from A.Y. 1994-95) or a plot of land not exceeding 500 square metres (effective from A.Y. 1999-2000), belonging to an individual or a HUF.