https://www.taxtmi.com/caselaws?id=66952 The amended exemption for one house or part of a house under section 5(1)(iv) of the Wealth-tax Act, 1957 was interpreted broadly, and the provision no longer required exclusive residential use after deletion of that condition. On that basis, the expression "house" was held wide enough to cover shops, and their use by tenants for business purposes did not prevent exemption. The half share in the shops therefore qualified for exemption and the value of the shops was not includible in net wealth. en-us Mon, 19 Jul 1976 00:00:00 +0530 Tue, 08 Mar 2011 13:03:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66952 The amended exemption for one house or part of a house under section 5(1)(iv) of the Wealth-tax Act, 1957 was interpreted broadly, and the provision no longer required exclusive residential use after deletion of that condition. On that basis, the expression "house" was held wide enough to cover shops, and their use by tenants for business purposes did not prevent exemption. The half share in the shops therefore qualified for exemption and the value of the shops was not includible in net wealth. Case-Laws Wealth-tax Mon, 19 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66952