(2)Where, in the case of an individual being a member of a Hindu undivided family, any property having been the separate property of the individual has, at any time after the 31st day of December, 1969, been converted by the individual into property belonging to the family through the act of impressing such separate property with the character of property belonging to the family or throwing it into the common stock of the family or been transferred by the individual, directly or indirectly, to the family otherwise than for adequate consideration (the property so converted or transferred being hereinafter referred to as the converted property), then, notwithstanding anything contained in any other provision of this Act or in any other law for the time being in force, for the purpose of computation of the total income of the individual under this Act for any assessment year commencing on or after the 1st day of April, 1971,-(a)the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly;(b)the income derived from the converted property or any part thereof [* * *] [ Omitted by Act 41 of 1975, Section 13 (w.e.f. 1.4.1976).] shall be deemed to arise to the individual and not to the family;(c)[ where the converted property has been the subject-matter of a partition (whether partial or total) amongst the members of the family, the income derived from such converted property as is received by the spouse ] [Substituted by Act 41 of 1975, Section 13, for Clause (c) (w.e.f. 1.4.1976).][* * *] [ Certain words omitted by Act 18 of 1992, Section 35 (w.e.f. 1.4.1993).][on partition shall be deemed to arise to the spouse ] [Substituted by Act 41 of 1975, Section 13, for Clause (c) (w.e.f. 1.4.1976).] [* * *] [ Certain words omitted by Act 18 of 1992, Section 35 (w.e.f. 1.4.1993).][from assets transferred indirectly by the individual to the spouse ] [Substituted by Act 41 of 1975, Section 13, for Clause (c) (w.e.f. 1.4.1976).] [* * *] [ Certain words omitted by Act 18 of 1992, Section 35 (w.e.f. 1.4.1993).][and the provisions of sub-section (1) shall, so far as may be, apply accordingly: ] [Substituted by Act 41 of 1975, Section 13, for Clause (c) (w.e.f. 1.4.1976).]Provided that the income referred to in clause (b) or clause (c) shall, on being included in the total income of the individual, be excluded from the total income of the family or, as the case may be, the spouse [* * *] [ Certain words omitted by Act 18 of 1992, Section 35 (w.e.f. 1.4.1993).] of the individual.[Explanation 1] [ Explanation renumbered as Explanation 1 by Act 21 of 1979, Section 9 (w.e.f. 1.4.1980).].-For the purposes of sub-section (2),-[* * *] [ Omitted by Act 41 of 1975, Section 13 (w.e.f. 1.4.1976).] "property" includes any interest in property movable or immo-vable, 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.[* * *] [ Omitted by Act 41 of 1975, Section 13 (w.e.f. 1.4.1976).][Explanation 2. - For the purposes of this section, "income" includes loss.] [ Inserted by Act 21 of 1979, Section 9 (w.e.f. 1.4.1980).]
