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 44BCountries with which no agreement exists

Read in the full Act

Section 44B: Countries with which no agreement exists

44B. Countries with which no agreement exists

Where the net wealth of any assessee includes any foreign wealth and he proves that, in respect of such foreign wealth, he has paid in any country, with which there is no reciprocal arrangement under section 44A for the relief or avoidance of double taxation, a tax in respect of wealth, under the law in force in that country, he shall be entitled to the deduction from the Indian wealth-tax payable by him of a sum calculated on such doubly taxed foreign wealth at the Indian rate of tax or the rate of tax of the said country, whichever is the lower, or at the Indian rate of tax if both the rates are equal.

In this section—

(1)

the expression “Indian wealth-tax” means wealth-tax charged in accordance with the provisions of this Act;

(2)

the expression “Indian rate of tax” means the rate determined by dividing the amount of Indian wealth-tax after deduction of any relief due under the provisions of this Act but before the deduction of any relief due under this section by the net wealth;

(3)

the expression “rate of tax of the said country” means any tax in respect of wealth, actually paid in the said country, in accordance with the corresponding laws in force in the said country after deduction of all relief due but before deduction of any relief due in the said country in respect of double taxation, divided by the whole amount of the wealth assessed in the said country;

(4)

the expression “foreign wealth”, in relation to any assessee, means the value of all his assets located in any country outside India as reduced by the value of his debts in that country.] [44C. Rounding off of net wealth.—The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred rupees, then, if such part is fifty rupees or more, the amount shall be increased to the next higher amount which is a multiple of one hundred and, if such part is less than fifty rupees, the amount shall be reduced to the next lower amount which is a multiple of one hundred; and the amount so rounded off shall be deemed to be the net wealth of the assessee for the purposes of this Act. 1. Subs. by Act 16 of 1972, s. 49, for certain words (w.e.f. 1-4-1972). 2. Subs. by Act 33 of 2009, s. 84, for “any country” (w.e.f. 1-10-2009). 3. Ins. by Act 42 of 1970, s. 65 (w.e.f. 1-4-1971).