https://www.taxtmi.com/caselaws?id=120848 Section 4(8)(b) of the Wealth-tax Act creates a strict deeming fiction that shifts ownership only when the transaction falls within section 269UA(f) of the Income-tax Act. A lease qualifies only if it is for not less than twelve years, including extended terms that aggregate to that period; short-term leases do not transfer deemed ownership, so the legal owner remains assessable. The parenthetical exclusion preserves this result for leases from month to month or not exceeding one year. A pure leave and licence arrangement does not transfer an interest in property and falls outside the deeming provision, leaving the licensor as owner for wealth-tax purposes. en-us Fri, 16 Nov 2007 00:00:00 +0530 Tue, 24 Jul 2012 18:01:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120848 Section 4(8)(b) of the Wealth-tax Act creates a strict deeming fiction that shifts ownership only when the transaction falls within section 269UA(f) of the Income-tax Act. A lease qualifies only if it is for not less than twelve years, including extended terms that aggregate to that period; short-term leases do not transfer deemed ownership, so the legal owner remains assessable. The parenthetical exclusion preserves this result for leases from month to month or not exceeding one year. A pure leave and licence arrangement does not transfer an interest in property and falls outside the deeming provision, leaving the licensor as owner for wealth-tax purposes. Case-Laws Wealth-tax Fri, 16 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120848