https://www.taxtmi.com/caselaws?id=23959 A life interest in immovable property is treated as an asset under the Wealth-tax Act, and the assessee's interest in the house property was regarded as an interest in the house itself for the purpose of the expression "belonging to" under section 5(1)(iv). On that basis, the property formed part of the assessee's net wealth, and the statutory exemption was available. The assessee with only a life interest in the building was therefore entitled to exemption under section 5(1)(iv) of the Wealth-tax Act, 1957. en-us Fri, 09 Jun 1989 00:00:00 +0530 Fri, 15 Jan 2010 14:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23959 A life interest in immovable property is treated as an asset under the Wealth-tax Act, and the assessee's interest in the house property was regarded as an interest in the house itself for the purpose of the expression "belonging to" under section 5(1)(iv). On that basis, the property formed part of the assessee's net wealth, and the statutory exemption was available. The assessee with only a life interest in the building was therefore entitled to exemption under section 5(1)(iv) of the Wealth-tax Act, 1957. Case-Laws Wealth-tax Fri, 09 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23959