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        Trust Property Ownership by Trustees Disqualifies Beneficiary's Life Interest from Section 5(1)(iv) Exemption under Wealth-tax Act.

        Legal ownership of trust property is held by trustees, not beneficiaries. Regarding the Wealth-tax Act, 1957, a query was raised about the exemption under Section 5(1)(iv) for a beneficiary's life interest in house property within a trust. The Board determined that since the trust property is legally owned by trustees, it does not belong to the beneficiary. Consequently, the exemption under Section 5(1)(iv) is not applicable to the beneficiary's life interest in the trust property.

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