https://www.taxtmi.com/caselaws?id=66253 Exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 depends on whether the house property is capable of being used as a residence on the valuation date, not on actual occupation. Where construction was substantially complete, the ground floor was ready for occupation, and the remaining work on the first floor was only finishing touches, the property was treated as a house fit for use. Actual occupation after the valuation date was therefore immaterial, and the assessee was entitled to the exemption. en-us Fri, 19 Mar 1976 00:00:00 +0530 Wed, 23 Feb 2011 12:02:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66253 Exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 depends on whether the house property is capable of being used as a residence on the valuation date, not on actual occupation. Where construction was substantially complete, the ground floor was ready for occupation, and the remaining work on the first floor was only finishing touches, the property was treated as a house fit for use. Actual occupation after the valuation date was therefore immaterial, and the assessee was entitled to the exemption. Case-Laws Wealth-tax Fri, 19 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66253