https://www.taxtmi.com/caselaws?id=63678 For wealth-tax purposes, a commercial flat not owned by the assessee-HUF cannot be included in net wealth at its fair market value; only the consideration actually paid towards its acquisition is includible. The exemption or deduction for a commercial flat under section 5(1)(iv) is unavailable where the assessee does not own the flat. Accordingly, wealth computation is confined to the amount paid, while the exemption claim fails for lack of ownership. en-us Mon, 05 Jan 1987 00:00:00 +0530 Tue, 01 Feb 2011 13:01:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63678 For wealth-tax purposes, a commercial flat not owned by the assessee-HUF cannot be included in net wealth at its fair market value; only the consideration actually paid towards its acquisition is includible. The exemption or deduction for a commercial flat under section 5(1)(iv) is unavailable where the assessee does not own the flat. Accordingly, wealth computation is confined to the amount paid, while the exemption claim fails for lack of ownership. Case-Laws Wealth-tax Mon, 05 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63678