https://www.taxtmi.com/caselaws?id=23023 In computing net wealth under the Wealth-tax Act, a debt incurred for repairs and improvements to house property is deductible only to the extent it relates to the taxable portion of the asset after exemption under section 5(1)(iv) read with section 5(1-A). The statutory definition of net wealth in section 2(m) requires the liability to be matched against the taxable value, not the full debt against the entire property value. On the facts, the Tribunal's proportional deduction approach was consistent with the statutory scheme, and the debt was held deductible only to the extent of the house's taxable value. en-us Wed, 25 Jul 1990 00:00:00 +0530 Wed, 16 Dec 2009 11:26:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23023 In computing net wealth under the Wealth-tax Act, a debt incurred for repairs and improvements to house property is deductible only to the extent it relates to the taxable portion of the asset after exemption under section 5(1)(iv) read with section 5(1-A). The statutory definition of net wealth in section 2(m) requires the liability to be matched against the taxable value, not the full debt against the entire property value. On the facts, the Tribunal's proportional deduction approach was consistent with the statutory scheme, and the debt was held deductible only to the extent of the house's taxable value. Case-Laws Wealth-tax Wed, 25 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23023