(8)A person¬-(a)who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53-A of the Transfer of Property Act, 1882 (4 of 1882);(b)who acquires any rights (excluding any rights by way of a lease from month to month or for a period not exceeding one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269-UA of the Income-tax Act, shall be deemed to be the owner of that building or part thereof and the value of such building or part shall be included in computing the net wealth of such person.]Explanation.-For the purposes of this section,-¬(a)the expression "transfer" includes any disposition settlement, trust, covenant, agreement or arrangement; [*] [ The word " and" omitted by Act 32 of 1971, Section 31 (w.e.f. 1.4.1972).](aa)[ the expression "child" includes a step-child and an adopted child;] [ Inserted by Act 41 of 1975, Section 82 (w.e.f. 1.4.1976).](b)the expression "irrevocable transfer" includes a transfer of assets which, by the terms of the instrument effecting it, is not revocable for a period exceeding six years or during the lifetime of the transferee, and under which the transferor derives no direct or indirect benefit, but does not include a transfer of assets if such instrument¬-(i)contains any provision for the re-transfer, directly or indirectly, of the whole or any part of the assets or income therefrom to the transferor, or(ii)in any way gives the transferor a right to re-assume power, directly or indirect, over the whole or any part of the assets or income therefrom; [and] [ Inserted by Act 32 of 1971, Section 31 (w.e.f. 1.4.1972).](c)[ the expression "property" includes any interest in any property, movable or immovable, the proceeds of sale thereof and any money or investment for the time being representing the proceeds of sale thereof and where the property is converted into any other property by any method, such other property ] [Inserted by Act 32 of 1971, Section 31 (w.e.f. 1.4.1972). ][*] [ The word " and" and Clause (D) omitted by Act 41 of 1975, Section 82 (w.e.f. 1.4.1976).].[*] [ The word " and" and Clause (D) omitted by Act 41 of 1975, Section 82 (w.e.f. 1.4.1976).].
