Deemed Asset

Tax Glossary Definition

Deemed Asset

A deemed asset refers to property or an asset that, although not legally owned by a person, is considered as belonging to them for taxation purposes under the law. This concept helps prevent tax evasion through indirect ownership or transfer of assets to relatives or others without sufficient consideration.

Example: If an individual transfers a house property to their spouse without receiving any adequate payment or consideration, that property is treated as a deemed asset in the hands of the transferor for wealth tax or other tax purposes.

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