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of <h1>CBDT Clarifies Wealth Tax Exemption: Beneficiaries with Absolute Use Rights on Trust Property Qualify u/s 5(1)(iv.</h1> The circular from the Central Board of Direct Taxes (CBDT) addresses the exemption under Section 5(1)(iv) of the Wealth Tax Act, 1957, concerning house property. Initially, it was stated that beneficiaries of a trust, who are life tenants, are not eligible for this exemption. Upon review, the Board clarifies that if a beneficiary has an absolute right to use the property during their lifetime, the property is considered their asset, qualifying for exemption, provided other conditions are met. The terms of the trust or settlement deed must be examined to determine if the beneficiary holds such absolute rights. If trustees have discretionary power over property use, the exemption is not applicable.
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