https://www.taxtmi.com/caselaws?id=66263 Rule 2 of the Wealth-tax Rules requires a partner's interest in a firm to be valued by computing the firm's net wealth and then allocating the relevant share to the partner. Read with section 5(1)(iv) of the Wealth-tax Act, the house-property exemption applies to a house or part of a house belonging to the assessee, subject to the statutory monetary cap where the value exceeds the prescribed limit. On the stated facts, the assessee-partner's share in one of the houses owned by the firm qualified for the exemption, and the relief was available only to the extent permitted by the provision. en-us Wed, 17 Mar 1976 00:00:00 +0530 Wed, 23 Feb 2011 12:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66263 Rule 2 of the Wealth-tax Rules requires a partner's interest in a firm to be valued by computing the firm's net wealth and then allocating the relevant share to the partner. Read with section 5(1)(iv) of the Wealth-tax Act, the house-property exemption applies to a house or part of a house belonging to the assessee, subject to the statutory monetary cap where the value exceeds the prescribed limit. On the stated facts, the assessee-partner's share in one of the houses owned by the firm qualified for the exemption, and the relief was available only to the extent permitted by the provision. Case-Laws Wealth-tax Wed, 17 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66263