Individuals in housing schemes deemed property owners under Section 4; outstanding installments deducted from net wealth value.
Under Section 4 of the Wealth Tax Law, if an individual is a member of a cooperative society, company, or association and is allotted or leased a building or part thereof under a house building scheme, they are deemed the owner of that property. The value of the building is included in the individual's net wealth calculation. However, any outstanding installments payable under the scheme for the building or land are considered a debt and deducted from the property's value when computing the net wealth.
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