https://www.taxtmi.com/caselaws?id=62962 A flat may be treated as belonging to an assessee for wealth-tax exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 even if the sale deed has not yet been registered, where possession and related rights have been delivered. The decisive factor is not formal title alone, but possession coupled with enforceable rights to enjoy the property and derive rent from it. Where the transferee has obtained effective rights under an agreement of sale and the transferor has lost practical control, the asset is treated as belonging to the person in possession for wealth-tax purposes, making the exemption available. en-us Thu, 31 Jul 1986 00:00:00 +0530 Tue, 25 Jan 2011 18:55:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62962 A flat may be treated as belonging to an assessee for wealth-tax exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 even if the sale deed has not yet been registered, where possession and related rights have been delivered. The decisive factor is not formal title alone, but possession coupled with enforceable rights to enjoy the property and derive rent from it. Where the transferee has obtained effective rights under an agreement of sale and the transferor has lost practical control, the asset is treated as belonging to the person in possession for wealth-tax purposes, making the exemption available. Case-Laws Wealth-tax Thu, 31 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62962