https://www.taxtmi.com/circulars?id=8944 The Board instructed that legal ownership of trust property vests in trustees, so a beneficiary's life interest in a trust-held house does not constitute ownership and therefore the house-property exemption under the Wealth-tax Act is not allowable for that life interest. en-us Fri, 16 Jan 1976 00:00:00 +0530 Wed, 01 Jun 2011 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8944 The Board instructed that legal ownership of trust property vests in trustees, so a beneficiary's life interest in a trust-held house does not constitute ownership and therefore the house-property exemption under the Wealth-tax Act is not allowable for that life interest. Circulars Income Tax Fri, 16 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8944