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        Income Tax

        Legal ownership of the trust property vests in the trustees.

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        Trust legal ownership bars house-property exemption for a beneficiary's life interest under the wealth tax framework. The Board instructed that legal ownership of trust property vests in trustees, so a beneficiary's life interest in a trust-held house does not constitute ownership and therefore the house-property exemption under the Wealth-tax Act is not allowable for that life interest.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Trust legal ownership bars house-property exemption for a beneficiary's life interest under the wealth tax framework.

                                The Board instructed that legal ownership of trust property vests in trustees, so a beneficiary's life interest in a trust-held house does not constitute ownership and therefore the house-property exemption under the Wealth-tax Act is not allowable for that life interest.


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