https://www.taxtmi.com/caselaws?id=14720 Wealth-tax applies only to assets actually owned by the assessee on the valuation date, so intangible additions in a firm's case cannot be included in an individual partner's net wealth unless they are linked to an identifiable taxable asset. The exemption for a residential or co-owned property under section 5(1)(iv) of the Wealth-tax Act, 1957 extends where the assessee's interest is treated as co-ownership rather than ownership through a separate legal entity. On that principle, co-sharers may claim the statutory exemption for their share in the property. en-us Tue, 02 Nov 1999 00:00:00 +0530 Sat, 18 Jul 2009 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14720 Wealth-tax applies only to assets actually owned by the assessee on the valuation date, so intangible additions in a firm's case cannot be included in an individual partner's net wealth unless they are linked to an identifiable taxable asset. The exemption for a residential or co-owned property under section 5(1)(iv) of the Wealth-tax Act, 1957 extends where the assessee's interest is treated as co-ownership rather than ownership through a separate legal entity. On that principle, co-sharers may claim the statutory exemption for their share in the property. Case-Laws Income Tax Tue, 02 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14720