Section 3 provides that there shall be charged for every assessment year commencing from 1.4.1957 a tax, called Wealth tax, in respect of the net wealth on the corresponding valuation date of every individual, Hindu Undivided Family and Company at the rate or rates specified in the Schedule I. "Net wealth" is defined in s.2 (m) which runs thus: 2(m) "net wealth means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than (i) debts which under section 6 are not to be taken into account; (ii) debts which are secured on or which have been incurred in relation to any property in respect of which wealth tax is not chargeable under this Act; (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this Act or any law relating to taxation of income or profits, or the (34 of 1953), the Expenditure Tax Act, 1957 (29 of 1957), or the (18 of 1958), (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him; or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date;" Section 4 (1) provides for inclusion of certain assets in computing the net wealth of an individual assets which on the valuation date are held not by that individual but by the spouse or by a minor child of such individual to whom they have been transferred by such 44 individual directly or indirectly, otherwise than for adequate consideration, etc; in other words such assets held by the spouse or the minor are deemed to be the assets of such individual; and in respect of such deemed assets sub sec.