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of <h1>Deemed Ownership Under Wealth Tax Law: Possession or Rights in Buildings Included in Net Wealth Calculation Per Section 4</h1> Under Section 4 of the Wealth Tax Law, a person who is allowed to take or retain possession of a building, or part thereof, in part performance of a contract as per section 53A of the Transfer of Property Act, 1882, or who acquires rights (excluding short-term leases) in a building as per section 269UA of the Income-tax Act, 1961, is deemed the owner of that building. The value of the building is included in the calculation of the person's net wealth.
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