https://www.taxtmi.com/circulars?id=4414 Where a co-operative society is only a transferee-lessee and individual purchasers have paid for flats, taken possession, and received tenancy allotments so that substantive legal ownership vests in the members, the exemption under section 5(1)(iv) applies; Wealth-tax Officers must scrutinise tenant co-partnership societies to verify that the society is merely lessee and members are the real owners before allowing the exemption. en-us Mon, 27 Jan 1969 00:00:00 +0530 Tue, 29 Jul 2008 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4414 Where a co-operative society is only a transferee-lessee and individual purchasers have paid for flats, taken possession, and received tenancy allotments so that substantive legal ownership vests in the members, the exemption under section 5(1)(iv) applies; Wealth-tax Officers must scrutinise tenant co-partnership societies to verify that the society is merely lessee and members are the real owners before allowing the exemption. Circulars Income Tax Mon, 27 Jan 1969 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4414