Beneficial ownership can satisfy "belonging to" for wealth-tax exemption despite absence of a registered conveyance.

For exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, the expression "belonging to" was treated as extending beyond bare legal title. A flat could qualify where the assessee had paid the full consideration, taken possession, and held the beneficial interest, even though no registered conveyance had been executed. The absence of a registered document, by itself, did not defeat the exemption claim when beneficial ownership was established. On that basis, the exemption was available to the assessee.

---

---

Issues: Whether a flat could be treated as "belonging to" the assessee for exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, even though title had not been conveyed by a registered document.

Analysis: The expression "belonging to" in section 5(1)(iv) was held not to require full legal title in all cases. The decisive consideration was that the assessee had come into possession of the flat on payment of the full consideration and was the beneficial owner for the purpose of claiming the exemption. The absence of a registered conveyance, by itself, did not defeat the claim where the assessee had the beneficial interest in the house.

Conclusion: The assessee was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, and the question was answered in favour of the assessee.

Ratio Decidendi: For exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, "belonging to" includes beneficial ownership and possession on full payment of consideration, and does not invariably require conveyance by a registered document.

---