Wealth Tax : Dates to be remembered in case of Deemed Assets

• If any asset is transferred to spouse during any previous year related to assessment year 1964-65 to 1971-72, then, it will not be treated as deemed assets of the transferor. This period will also apply if assets transferred to any person or association for the benefits of the spouse
• If any asset is transferred to daughter in law (i.e, son’s wife) before 1st of June, 1973 or transferred to any person or association for benefit of daughter in law before this date, then, it will not be treated as deemed assets of the transferor
• If any member of HUF has converted his own assets as assets of HUF before 1st January, 1970; then, it will not be treated as deemed asset of member who has converted such assets as assets of HUF