https://www.taxtmi.com/caselaws?id=14860 For the purposes of section 5(1)(iv) of the Wealth-tax Act, 1957, a partner may claim exemption in respect of a building owned by the firm, as the firm's ownership does not defeat the partner's entitlement where the statutory requirements are otherwise met. The term "house" is not confined to a residential structure, and a commercial building used as a hotel can also fall within its wider meaning for the exemption. The Tribunal's view was consistent with this interpretation, and the exemption claim was upheld. en-us Wed, 29 Jul 1998 00:00:00 +0530 Thu, 23 Jul 2009 16:36:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14860 For the purposes of section 5(1)(iv) of the Wealth-tax Act, 1957, a partner may claim exemption in respect of a building owned by the firm, as the firm's ownership does not defeat the partner's entitlement where the statutory requirements are otherwise met. The term "house" is not confined to a residential structure, and a commercial building used as a hotel can also fall within its wider meaning for the exemption. The Tribunal's view was consistent with this interpretation, and the exemption claim was upheld. Case-Laws Wealth-tax Wed, 29 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14860