https://www.taxtmi.com/caselaws?id=21629 For section 5(1)(iv) of the Wealth-tax Act, 1957, the phrase "belonging to" is not confined to absolute legal ownership; it can extend to a leasehold residential house property where the assessee has substantial rights of ownership and beneficial enjoyment. A long-term lease with rights to demolish and reconstruct, raise finance on the property, and obtain renewal supported more than bare possession. On that basis, the leasehold property was treated as property belonging to the assessee, and the deduction was allowed under the exemption provision. en-us Tue, 26 Nov 1991 00:00:00 +0530 Thu, 26 Nov 2009 11:37:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21629 For section 5(1)(iv) of the Wealth-tax Act, 1957, the phrase "belonging to" is not confined to absolute legal ownership; it can extend to a leasehold residential house property where the assessee has substantial rights of ownership and beneficial enjoyment. A long-term lease with rights to demolish and reconstruct, raise finance on the property, and obtain renewal supported more than bare possession. On that basis, the leasehold property was treated as property belonging to the assessee, and the deduction was allowed under the exemption provision. Case-Laws Wealth-tax Tue, 26 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21629