https://www.taxtmi.com/caselaws?id=12827 Section 5(1)(iv) of the Wealth-tax Act exempts an assessee's share in a jointly owned house when it is used for residential purposes in a practical sense, rather than commercially. Residential occupation by the assessee and family satisfied the requirement, entitling the assessee to exemption for the one-fourth share. In valuing cumulative preference shares, arrears of dividend must be deducted in determining their value. Both issues were resolved in favour of the assessee, and the Revenue's challenge failed. en-us Mon, 20 Nov 2000 00:00:00 +0530 Fri, 22 May 2009 11:57:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12827 Section 5(1)(iv) of the Wealth-tax Act exempts an assessee's share in a jointly owned house when it is used for residential purposes in a practical sense, rather than commercially. Residential occupation by the assessee and family satisfied the requirement, entitling the assessee to exemption for the one-fourth share. In valuing cumulative preference shares, arrears of dividend must be deducted in determining their value. Both issues were resolved in favour of the assessee, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 20 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12827