https://www.taxtmi.com/caselaws?id=22488 The High Court of GAUHATI ruled in favor of the assessee, allowing the deduction under section 5(1)(iv) of the Wealth-tax Act, 1957 for their share in a house property owned by the firm in which they were partners. The court held that the interest of a partner in the firm's immovable property should be considered in computing their net wealth, making them eligible for the exemption. The decision aligned with previous court rulings and established that the net wealth of the firm should be determined, including the value of the building, and then allocated among the partners for claiming deductions. en-us Mon, 27 May 1991 00:00:00 +0530 Thu, 10 Dec 2009 16:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22488 The High Court of GAUHATI ruled in favor of the assessee, allowing the deduction under section 5(1)(iv) of the Wealth-tax Act, 1957 for their share in a house property owned by the firm in which they were partners. The court held that the interest of a partner in the firm's immovable property should be considered in computing their net wealth, making them eligible for the exemption. The decision aligned with previous court rulings and established that the net wealth of the firm should be determined, including the value of the building, and then allocated among the partners for claiming deductions. Case-Laws Wealth-tax Mon, 27 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22488