https://www.taxtmi.com/caselaws?id=184525 Property mortgaged to a bank as collateral for another's loan was held not to be an asset "belonging to" the assessee for wealth-tax purposes to the extent of the mortgage interest. The Tribunal reasoned that a real mortgage transfers enforceable rights to the bank, leaving the mortgagor only the equity of redemption and not full beneficial ownership. On that basis, the mortgaged immovable properties were excluded from the assessee's net wealth under section 2(m) of the Wealth Tax Act, 1957, with only any remaining proprietary rights, if relevant, capable of consideration. en-us Thu, 31 Jul 2014 00:00:00 +0530 Tue, 12 Jul 2016 11:23:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184525 Property mortgaged to a bank as collateral for another's loan was held not to be an asset "belonging to" the assessee for wealth-tax purposes to the extent of the mortgage interest. The Tribunal reasoned that a real mortgage transfers enforceable rights to the bank, leaving the mortgagor only the equity of redemption and not full beneficial ownership. On that basis, the mortgaged immovable properties were excluded from the assessee's net wealth under section 2(m) of the Wealth Tax Act, 1957, with only any remaining proprietary rights, if relevant, capable of consideration. Case-Laws Wealth-tax Thu, 31 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184525