The Wealth-tax Act, 1957

Chapter VIII — MISCELLANEOUS [34B. Transfers to defraud revenue to be void.—(1) Where, during the pendency of any proceeding under this Act or after the completion thereof, but before the service of notice under rule 2 of the Second Schedule to the Income-tax Act as made applicable to this Act by section 32, any assessee creates a charge on, or parts with (by way of sale, mortgage, gift, exchange or any other mode of transfer whatsoever) the possession of, any of his assets in favour of any other person, such charge or transfer shall be void as against any claim in respect of any tax or any other sum payable by the assessee as a result of the completion of the said proceeding or otherwise:

Section 44AAgreement for avoidance or relief of double taxation with respect to wealth

Read in the full Act

Section 44A: Agreement for avoidance or relief of double taxation with respect to wealth

44A. Agreement for avoidance or relief of double taxation with respect to wealth

tax.— [The Central Government may enter into an agreement with the Government of any reciprocating country—

(a)

for the avoidance or relief of double taxation with respect to wealth-tax payable under this Act and under the corresponding law in force in the reciprocating country, or

(b)

for exchange of information for the prevention of evasion or avoidance of wealth-tax chargeable under this Act or under the corresponding law in force in that country or investigation of cases of such evasion or avoidance, or

(c)

for recovery of tax under this Act and under the corresponding law in force in that country, and may, by notification in the Official Gazette, make such provision as may be necessary for implementing the agreement.]

The expression “reciprocating country” for the purposes of this Act means [any country outside India or any territory outside India] which the Central Government may, by notification in the Official Gazette, declare to be a reciprocating country.