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of <h1>Executors Cannot Claim Wealth-Tax Exemption u/s 5(1)(iv) for Self-Occupied Property Before 1972-73.</h1> A question arose regarding whether executors assessed under Section 19A of the Wealth-tax Act could claim an exemption under Section 5(1)(iv) for residing in a house from the deceased's estate for assessment years before 1972-73. The Board clarified that an executor holds the property solely for representation purposes and has no beneficial interest. Therefore, executors cannot claim the exemption for self-occupation as they do not own the property. The exemption applies only when the house is used for residential purposes by the owner, and executors may even need to pay rent to the estate.
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