Wealth-tax house exemption can cover a single commercial building with multiple shop rooms when structural unity is established.

Exemption under section 5(1)(iv) of the Wealth-tax Act applies to one house or part of a house belonging to the assessee, and a building with multiple self-contained shop rooms may still qualify as a single house where it has contiguity, common boundaries and unity of structure. Separate municipal numbers or sub-numbers are not decisive, and commercial use does not by itself bar the exemption. On that basis, the exemption may extend to the value of the entire building rather than only one shop room.

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Issues: Whether exemption under section 5(1)(iv) of the Wealth-tax Act, 1967, was available in respect of the value of the entire building containing multiple shop rooms, or only in respect of one shop room.

Analysis: The provision exempts wealth-tax in respect of one house or part of a house belonging to the assessee. The building consisted of several self-contained shop rooms, but they were under the same roof and formed a single structure. Different municipal numbers or sub-numbers were not decisive. Applying the test of contiguity, common boundaries, and unity of structure, the building could be treated as one house for the purpose of the exemption. The exemption was also available even though the house was used for commercial purposes.

Conclusion: The assessee was entitled to exemption under section 5(1)(iv) in respect of the value of the whole building and not merely the proportionate value of one shop room.

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